FreeTrade thesisUSD/JPYApril 24, 2026
Long USD/JPY While Real Yields Keep the Carry Alive
Amina KayMacro, rates and FX
The setup
USD/JPY remains a carry-driven trade. Until real yields roll over, the path of least resistance is up.
What I am watching
- US 10y real yield
- BoJ commentary
- CFTC positioning
Trade structure
Long USD/JPY, stop below the most recent swing low.
Comments
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subscriber-1208
What level on real yields makes you cut sizing on the carry trade?
Amina Kay
If 10y real yield closes below 1.6% on a sustained basis I cut to a starter.