Japanese Yen Short Covering Raises the Stakes for USD/JPY

Imported headline
Japanese Yen Short Covering Raises the Stakes for USD/JPY

Source
Forexcom - https://www.forex.com/en-us/news-and-analysis/japanese-yen-short-covering-raises-the-stakes-for-usd-jpy/

Summary
Japanese yen volatility has returned as traders unwind record short positions ahead of US CPI. With USD/JPY testing major resistance below 163 and intervention risks lingering, futures positioning suggests gains may become harder to come by.