Daiwa says that speculators had been too aggressive in selling USD/JPY - ConsultFX

Daiwa says that speculators had been too aggressive in selling USD/JPY

Resulting in position unwinding currently Commentary by Daiwa Securities. While all fairly valid points - especially since USD/JPY looks to have broken the 'lower highs, lower lows' pattern on the daily chart - there could be a bigger macro theme at play for the pair other than geopolitical risks and equities.