Forex Online – According to the data of the International Monetary Market (IMM), until the week of July 27, the JPY non-commercial net-long position dropped to 29921 hands, and the previous one was 40911 hands in the forex market.
The main reason for the slump of JPY net-long position was the profit taking of the short-term forex brokers in the forex market, after JPY strongly surged up recently in the forex market, therefore there reoccurred the fluctuation situation in the forex market, and the speculative buying would come to JPY again in the forex market.
Some forex analyst pointed out that if the forex rate of USD/JPY slumped again, the speculators might purr in and this might lead the forex rate of USD/JPY to slump to the important psychological level of 85.00 in the forex market.
The forex rate of USD/JPY was at 86.68/72 at 08:38 Beijing time.
Edited by laura.