CurrencyShares Japanese Yen Trust (NYSEArca: FXY) rose 0.5% on Monday to reverse a seven-day losing streak. A continued bounce would catch many off-guard since sentiment gauges reveal traders are extremely bearish on the yen.

Only 14% of investors are bullish on the Japanese currency, according to a recent Kimble Charting Solutions note, which cited SentimenTrader data.

FXY is down 11% the past three months and its Relative Strength Index (RSI), a technical momentum indicator, is at the lowest level in at least three years.

The currency ETF has nosedived in the wake of incoming Japanese Prime Minister Shinzo Abe’s recent election victory amid rising speculation the Bank of Japan will announce further monetary easing. [Yen Currency ETF Drops to Fresh Low]

Abe has pledged to pressure the central bank to engage in unlimited quantitative easing to assist the flagging Japanese economy.