Japanese Yen COT Positioning
How large traders are positioned in Japanese Yen futures, straight from the weekly CFTC Commitments of Traders report. Updated within minutes of every Friday release.
What the positioning says
Leveraged funds are net short 102,188 contracts and added to that short position over the past week. That leaves positioning at the 15th percentile of its 52-week range — an extreme, washed-out reading that has historically been vulnerable to a reversal.
WAVG reads this the same way every week across every market, names the factors behind the bias, and flags when positioning reaches an extreme that has historically preceded a turn.
What moves Japanese Yen positioning
The yen is a funding and safe-haven currency, which makes its positioning distinctive: funds are often structurally net short the yen to finance the carry trade (borrow cheap yen, buy higher-yielding assets). That leaves crowded shorts vulnerable to violent snap-backs.
The driver is the rate differential — above all the Bank of Japan, whose slow exit from ultra-loose policy has repeatedly forced funds to cover. In risk-off episodes the yen strengthens as carry trades unwind, so an extreme short is both a rate bet and a hidden risk gauge.
This week's report
| Trader group | Long | Short | Net |
|---|---|---|---|
| Leveraged funds | 58,529 | 160,717 | −102,188 |
| Asset managers | 70,419 | 94,940 | −24,521 |
| Dealers | 116,682 | 37,361 | +79,321 |
Contracts held long, short and net as of Sep 1, 2026 (published Sep 4, 2026). Source: CFTC.
See the full Japanese Yen analysis
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