Forex futures market speculative positioning data from the CFTC Commitmentsof Traders report as of the close on Tuesday June 2, 2015

  • EUR net short 165K vs. short 172K prior
  • JPY net short 86K vs. short 62K prior
  • GBP net short 26K vs. short 26K prior
  • AUD net short 13K vs long 6K prior
  • CAD net short 1K vs long 4K prior
  • CHF net long 8K vs. long 8K prior

In two weeks, the yen net short rose to 86K from 22K. That's a remarkable pace and show's the market is extremely enthusiastic about USD/JPY longs -- even moreso after today's non-farm payrolls report.

Everyone piled back into yen shorts

I think there is still plenty of room to run in USD/JPY longs and even chasing here is a good medium-term trade.