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Jakobsen: The over positioning in dollar yen
As the dollar continues generally to gain against its major peers, Saxo Bank's Chief Investment Officer, Steen Jakobsen says there's an over positioning in UDSJPY. He says at the bare minimum we'll see a retracement and there's the possibility of things "blowing up". He draws parallels to the long dollar positioning that built up in the mid 1990s.
Steen is advising caution. He doesn't think we'll have any sort of panic selling that we saw in 1998. But he says the fact that we haven't been able to take out the JPY 105 level is a sign that the velocity of the positioning is decreasing and investors need to beware.
01:38 minutes
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