Forex Flash: USD/JPY still highly active based on IMM – NAB

FXstreet.com (Barcelona) - The biggest single change in poisoning over the reporting week occurred in the AUD, with net speculative longs pared back from 97.5k contracts in the week ended December 18 to 75.4k. This is now back from the record net long position of 103.4k recorded in the week ended December 11. Net positioning remains high but can no longer be considered extreme.

According to the NAB Research Team, "Given that AUDUSD has essentially flat-lined since December 24, we suspect that positioning will not show a significant change when the data for the trading week that ends tonight is published."

Positioning in the JPY, of late far and away the most active currency traded on the IMM, was little changed last week, the net short positioning reducing from 89.2k in the week ended December 18 to -85.6k in the week through December 24. "It is likely that the coming week's data will show that the net short positioning ramped up again, given that the USDJPY rallied from below Y85 to above Y86 in the current IMM trading week, though it is still likely to be the case that short yen positioning remains well below the 188k extreme and previous record recorded in June 2007." they add.