Monday, January 5, 2015


USD/JPY has started the first full week of 2015 with losses. Early in the North American session,  the pair trades just below the 120 line.  It’s a quiet start to the new trading week. In Japan Final Manufacturing PMI remained unchanged at 52.0 points. Monetary Base slipped to 34.3%. Over in the US, there is just one minor release on the schedule, Total Vehicle Sales. As well, FOMC Member John Williams will speak at an event in Boston. The US dollar has enjoyed broad gains against its major rivals, and the yen is no exception, as USD/JPY is trading close to the 120 line.
USD/JPY ratio is unchanged on Monday. This is not consistent with the pair’s movement, as the yen has posted slight gains. The ratio has a majority of long positions, indicative of trader bias towards the dollar posting gains.