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Japanese yen: Commitments of Traders

CFTC positions as of the close on 13 October 2026. JAPANESE YEN - CHICAGO MERCANTILE EXCHANGE, contracts of jpy 12,500,000.

Speculators net long49,493

Change on the week−13,306

Rank in 2 years63rd

Open interest404,924

This week

In the week to 13 October 2026, non-commercial traders in Japanese yen held a net long position of 49,493 contracts. That is 13,306 contracts fewer than a week earlier. Commercial traders were net short 48,711, which is the other side of the same market. A year ago the speculative net was long 32,874, so it has moved by 16,619 contracts since. Longs were 57.4% of speculative positions. 176 traders reported.

Bar charts in detail

1. Who is long and who is short, in the week to 13 October 2026

Short positions extend to the left in red, long positions to the right in blue, each scaled against the biggest single side in this market. Percentages are of open interest.

Non-commercial (speculators) net +49,493

141,857 35.0% 191,350 47.3%

Commercial (producers, hedgers) net −48,711

201,666 49.8% 152,955 37.8%

Non-reportable (small traders) net −783

37,626 9.3% 36,843 9.1%

2. How the week's change was made

Change in each side since the previous report, as published by the CFTC. A rising net can come from longs being added, shorts being closed, or both; this shows which.

Non-commercial long +251

Non-commercial short +13,557

Commercial long −1,112

Commercial short −15,480

Open interest +3,894

3. Speculative net position, week by week

Last 52 weeks. Blue bars are net long, red bars net short. Hover a bar for the week and the value.

4. Weekly change in the speculative net

Blue bars: speculators added to their net position that week. Red bars: they reduced it. Tall bars of either colour are the unusual weeks.

5. Open interest, week by week

Total contracts outstanding. Rising open interest means money is entering the contract; falling means positions are being closed.

Where each group sits against its own year

0 means a group is at its most net short of the last 52 weeks, 100 at its most net long. It says where positioning is, not what price does next.

Commercials (producers, hedgers) the group classic COT analysis calls "smart money"

27 net −48,711 (−12.0% of OI)

Mid-range.

Speculators (funds, managed money) trend-following money with no commercial business in it

76 net +49,493 (+12.2% of OI)

In the top quarter of its range.

Small traders (non-reportable) the group classic analysis calls "dumb money"

40 net −783 (−0.2% of OI)

Mid-range.

Who holds what

Trader category	Long	Short	Net	Week change (long)
Non-commercial (speculators)	191,350	141,857	+49,493	+251
Commercial (producers, hedgers)	152,955	201,666	−48,711	−1,112
Non-reportable (small traders)	36,843	37,626	−783	–
Non-commercial spreading	23,776 on both sides		0	–

Spreading is a speculator holding an equal long and short in different months, so it nets to zero and is listed apart. The three net figures should sum to zero, because a futures market cannot be net long or net short overall, only differently distributed between the people in it. In the Commission's published figures they occasionally miss by a contract or two: for the week shown the three nets sum to -1. That is rounding in the source, not an error on this page, and we leave the CFTC's numbers as published rather than adjusting one to make the column balance.

The last two years

Speculative net position in Japanese yen, Oct 2024 to Oct 2026. Above the line is net long, below it net short.

Week	Spec net	Change	Long share	Open interest
13 Oct 2026	+49,493	−13,306	57.4%	404,924
6 Oct 2026	+62,800	+5,202	59.8%	401,029
29 Sep 2026	+57,598	−13,559	59.6%	393,884
22 Sep 2026	+71,157	−49,268	61.3%	413,339
15 Sep 2026	+120,424	+107,849	66.9%	581,281
8 Sep 2026	+12,575	+108,357	51.8%	544,208
1 Sep 2026	−95,781	−32,990	35.6%	455,490
25 Aug 2026	−62,792	−10,316	40.4%	425,912
18 Aug 2026	−52,476	−12,436	41.7%	424,573
11 Aug 2026	−40,040	+6,911	43.7%	440,719
4 Aug 2026	−46,951	+124,368	43.3%	477,812
28 Jul 2026	−171,320	−13,913	26.4%	490,387
21 Jul 2026	−157,406	−30,144	28.5%	476,929
14 Jul 2026	−127,263	−1,491	31.9%	437,972
7 Jul 2026	−125,772	+39,673	32.1%	440,336
30 Jun 2026	−165,445	−11,154	28.2%	492,918

Across the 104 weeks held, the speculative net ranged from -171,320 to 176,086, averaging 13,829. This week's 49,493 sits at the 63rd percentile of that range. Two years is a short window, and a position that looks far from its recent average can stay there for months. It describes where positioning has been, not where price goes.

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What this report is, and what it is not

The CFTC requires anyone holding more than a set number of contracts in a US futures market to report their position. Every Friday afternoon the Commission publishes the totals as they stood at Tuesday's close, split by the kind of trader holding them. The gap between Tuesday and Friday is deliberate and cannot be shortened: the figures are always three days old when you first see them.

Non-commercial traders have no commercial use for the underlying. Commercial traders do: a miner selling forward, an airline hedging fuel, a mill buying wheat. Non-reportable is everybody below the reporting threshold. The categories describe why someone is registered, not how clever they are, and the common framing of commercials as "smart money" does not follow from the data: a producer hedging output sells into a rising market because that is their business, not because they predict a fall.

Nothing on this page is a signal. Positioning shows how crowded a trade was on a particular Tuesday. It does not say when a crowd disperses, and crowded positions have stayed crowded for many months at a time in most of these markets.

Other currencies markets

Source: CFTC Commitments of Traders, legacy futures-only report, contract market code 097741. Net positions, long share and the two-year rank are our arithmetic on the Commission's published figures; every input is in the tables above. Educational only, not financial advice.