The yen finally pushed back, and it pushed hard. USD/JPY crashed from Monday’s open at 163.79 to a Friday low of 155.26, settling the week at 157.58 — an 830-pip collapse that ranks among the sharpest yen rallies in years. The carry trade, rebuilt so confidently through mid-July, has been gutted for the second time […]
USD/JPY closed Monday at 163.61, less than 40 pips from the April spike high of 163.98, and the fingerprints of an overextended trade are everywhere. The evidence file Positioning data shows speculative yen shorts at their most extreme since the 2024 carry blowup. Options markets show investors paying up for yen crash protection — a […]
Most retail traders ignore cross rates entirely. That’s a mistake, because EUR/GBP — quietly trading near 0.8640 this week — is one of the cleanest instruments in FX for reading what central banks are doing to each other. Why the cross matters Strip out the dollar and you’re left with a pure contest between the […]