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Prezzi
fxJun 15, 2026, 11:25 AM

MUFG: Yen Short Positioning Elevated Ahead of BoJ Hike, USD/JPY Holds Above 160

MUFG analyst Lee Hardman notes that the Japanese yen has not benefited from lower energy prices, with USD/JPY still above 160.00 as short positioning remains elevated before the Bank of Japan's expected rate hike.

USDJPY

MUFG's Lee Hardman observes that speculative short positioning in the Japanese yen is elevated going into the Bank of Japan meeting. Despite a decline in energy prices, which typically supports the yen, USD/JPY has not fallen below the 160.00 level. The market appears to be positioning for a BoJ rate hike, yet the yen remains under pressure.

Hardman's comments suggest that the yen's lack of strength may be due to persistent interest rate differentials or global risk appetite. The elevated short positioning could unwind if the BoJ delivers a hawkish surprise, but for now, the pair stays above the key psychological level.

Source: FXStreet Forex News