Hedge Funds Are Betting Yen Is About to Make a Bullish Breakout

Hedge funds are starting to bet the yen is poised to snap out of its narrow trading range and march higher against the dollar.

Leveraged investors are building positions in the options market that will benefit if Japan’s currency breaks free from its current narrow band of around 147 to the greenback and appreciate beyond 145, data from the Chicago Mercantile Exchange show.