Institutional positioning in the latest CFTC Commitments of Traders report suggests the USD bias towards strength and weakness of the yen. The retail broker positioning provides a contrarian view to the institutional positioning. This is a conflicting position to the institutional positioning and suggests that the crowded trades of the latter may be vulnerable to reversals. The most interesting observations are made in the EUR/USD and USD/JPY pairs, where the retail positioning is at odds with the institutional positioning. In the latter, the retail positioning suggests that clients are trying to short the USD/JPY while the institutions are net-short the yen and long the dollar.