Market overweight on the Yen....COT report suggests

The Japanese Yen has been heavily sold off on the back of strong comments from opposition party LDP. This currency could get a little choppy in the run up to the elections on 16 December. However, technically we have some interesting setups. Last week's Commitment of Traders report showed an strong increase in the number of Yen shorts which is at a 5 year high, whereas the Yen didn't move that much relative to the positions taken - suggesting a fundamental divergence and a heavily overweight bias.

I'm currently looking at GBPJPY and CHFJPY short as below: