Craig Shapiro: Speculative short contracts in USD/JPY reach 40-year highs

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USDJPY shorts at highs before BOJ

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23.07.2026

Craig Shapiro: Speculative short contracts in USD/JPY reach 40-year highs — USDJPY shorts at highs before BOJ

Craig Shapiro highlights that three self-reinforcing feedback loops are now simultaneously active, each capable of independently triggering a COR1M spike and amplifying the others.

He points specifically to the yen carry unwind, noting there are over 200,000 speculative short contracts in USD/JPY, with positions at 40-year highs and a Bank of Japan meeting scheduled in 8 days.

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Shapiro previously flagged bearish technical formations for Bitcoin, referencing multiple bear flag patterns across several timeframes. He has also highlighted market risk from $45 billion in potential CTA selling on a downturn, with limited upside capacity noted in the latest CTA positioning analysis. These observations come as positioning across assets shows signs of strain.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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