JPMorgan: Yen short squeeze risk grows if USD/JPY breaks 155

This flags a specific trigger level where crowded positioning could turn violent, making it a risk event for anyone exposed to yen-funded carry trades or USD/JPY volatility. The scale of the short base means a break below 155 isn't just a technical move but a potential feedback loop, with the 142-146 target implying a sharp repricing. However, the strategists' own baseline sees the range holding, so the immediate question is whether momentum or macro drivers force that break first. For markets, it underscores how fragile consensus positioning has become, and any sustained move below 155 would likely cascade across FX and rates.