Commercial hedgers have reached max long levels on the COT oscillator. Large speculators and retail traders have recently capitulated on gold longs and dollar shorts, therefore, Yen may be an interesting place to see a short squeeze if the dollar rotation trade is to play out.
Comment:
The BoJ is feeling pressure to change or drop the YCC as inflation in Japan trends higher. June 15th, BoJ will announce it's latest monetary statement. With the Nikkei at all-time highs, now may be an ideal time for a hawkish signal to the market in order to strength the yen.