Analysis: Excessive long positions in the Japanese yen may provide support for Bitcoin and the Nasdaq index

CFTC data shows that excessive long positions in the Japanese yen may trigger a pullback, providing short-term support for Bitcoin and the Nasdaq index. Morgan Stanley pointed out that the stretching of speculative positions and the buying behavior of Japanese investors on dips may slow down the appreciation of the yen. In history, similar situations have driven the rebound of risk assets. As of press time, Bitcoin was reported at $80300, down nearly 5% this month, and the US dollar against the Japanese yen was reported at 147.23, hitting a five month low of 145.53 earlier. Although there is hope for short-term easing, the long-term bullish trend of the yen still exists, and market volatility needs to be monitored.