Traders caution against short yen positioning
LONDON – Traders cautioned against complaceny in short yen positions, as the Japanese currency headed higher against all currencies last week.
The yen lost ground due to a rise in US yields and a bounce in equities, trading at ¥90.66 last Friday (March 12), up from ¥90.37 on March 8 and its highest level since February 22, when it traded at ¥91.17.
By the close of the week, USD/JPY one-month at-the-money volatility fell to 10.67% from 11.7% on Monday. Three-month vol also dropped to 11.6%, down
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