Institution: The Japanese yen may rebound due to profit-taking

Golden Ten Data reported on June 16 that Fawad Razaqzada, an analyst at FOREX.com, stated that due to the possibility of large-scale yen short positions facing profit-taking, the yen may see a technical rebound against the US dollar. Citing the latest CFTC trader position data, the market analyst said: “Traders continue to increase their bets on shorting the yen, with speculative short positions reaching new extreme levels.” In addition, the analyst added: “The possibility of Japanese authorities intervening in the foreign exchange market again is now more reasonable, as this intervention could be more effective, especially in the context of a more hawkish Bank of Japan and declining oil prices.”