The epic fall in all Japanese Yen crosses may be explained as a result of alarm, confusion, consternation, fear, hysteria, even terror to no longer hold short Yen positions, with prime brokers, according to Sean Lee, founder at FXWW, "reporting panic selling by hedge funds and CTAs who had built up massive long positions" he says.
However, there is no better way to describe the suffering of those long-held Yen longs than taking a look at EUR/JPY for example, which has been hammered over 6 big figures! from 125.00 to 119.00, with the trigger reported as far as headlines go being that the market is hating the huge uncertainty surrounding the governability of Italy, as a second election braces.Continue Reading
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