USD/JPY entered a correction phase from the upper ¥160 range, while retail investor positioning attracted attention as long positions in Oceanian currencies increased.
USD/JPY briefly rose to ¥160.203 from the previous day's European session through today's Asian session, but expectations for a September rate hike eased somewhat, and the pair fell to ¥159.732 during the Tokyo session before settling. Although market participants' trading appetite increased from the previous day, it remained at a low level compared with the average of the past 20 trading days. Against the backdrop of USD/JPY movements, changes were also seen in the trading shares of major currency pairs.
Trading value increased 14.5% from the previous day, while long positions declined 9.2% and short positions increased 1.5%. The overall open-position ratio was 46% short and 54% long, with positioning that provided support for the market.
Among major currency pairs, USD/JPY maintained its leading position with a 73.6% market share, while MXN/JPY, EUR/USD and ZAR/JPY each recorded a respective increase or decrease from the previous day. Other currency pairs partly offset the decline in USD/JPY.
Long positions in Oceanian currencies increased by 18.5% for NZD/JPY and 10.4% for AUD/JPY. As a result, long positions in the Australian dollar and New Zealand dollar came to influence market movements.