In short
Speculators are net short JPY (building short over 12 weeks). Positioning sits at 0% of its 12-week range (flip 34th pct of 10y, z -0.57).
Weekly net positioning
Net non-commercial (large speculator) positioning over the last 12 weeks. A rising net means speculators are building longs; a falling net means they are building shorts.
| Week (Tuesday) | Net position | Week-over-week | Open interest |
|---|---|---|---|
| Jun 9, 2026 | -99,844 | -11,781 | 505,075 |
| Jun 2, 2026 | -88,063 | -17,555 | 505,555 |
| May 26, 2026 | -70,508 | -5,563 | 427,294 |
| May 19, 2026 | -64,945 | -2,505 | 396,573 |
| May 12, 2026 | -62,440 | -9,543 | 362,042 |
| May 5, 2026 | -52,897 | +22,905 | 354,005 |
| Apr 28, 2026 | -75,802 | -7,305 | 372,780 |
| Apr 21, 2026 | -68,497 | -14,052 | 351,782 |
| Apr 14, 2026 | -54,445 | -3,335 | 354,344 |
| Apr 7, 2026 | -51,110 | -4,928 | 349,373 |
| Mar 31, 2026 | -46,182 | +8,670 | 345,276 |
| Mar 24, 2026 | -54,852 | — | 328,210 |
How to read this
The flip percentile normalizes Japanese Yen net positioning against roughly ten years of history: 33.7% means speculators are leaning short versus their own history. The 10-year z-score (-0.57) confirms how stretched that is. Readings above the 90th percentile (or below the 10th) flag a crowded trade prone to a sharp unwind.
Positioning is a risk gauge, not an entry signal. Extremes can persist and get more extreme. Pair this with the fundamentals and a confirming move before fading a crowded trade. See how to read the COT report and using COT data to spot reversals.
Frequently asked questions
- Are speculators net long or short Japanese Yen?
- As of Jun 9, 2026, large speculators are net short the yen, with a net position of -99,844 contracts (91,168 long vs 191,012 short) in the CFTC Commitments of Traders report.
- Is Japanese Yen positioning crowded right now?
- No. Japanese Yen positioning sits at the 33.7% flip percentile of its 10-year range (z-score -0.57), which is not an extreme. Crowding warnings trigger above the 90th or below the 10th percentile.
- What is the COT flip percentile for Japanese Yen?
- Japanese Yen's flip percentile is 33.7% — where current normalized net positioning sits within roughly 10 years of history. Above 60 is long-side versus history, below 40 short-side; above 90 or below 10 is crowded.
- When is COT data for Japanese Yen updated?
- Weekly. The CFTC releases the Commitments of Traders report every Friday at 3:30pm ET with positions as of the prior Tuesday. This page last updated with data as of Jun 9, 2026.