J P M O R G A N Global Markets Strategy 17 July 2026 FX Volatility Strategy See page 21 for analyst certification and important disclosures. • VXY levels, Global FX Strategy Ladislav Jankovic AC (1-212) 834-9618 ladislav.jankovic@jpmchase.com Sanjana Shinde AC (1-212) 622-2001 sanjana.shinde@jpmchase.com Yangyang Hou AC (1-212) 834-6734 yangyang.hou@jpmorgan.com J.P. Morgan Securities LLC What to Long, Short, and When • We perform a regime-based decomposition of returns, segmented by: Motivated by our recen ...