- MarketPulse - https://www.marketpulse.com -

USD/JPY – Yen Starts Week at 120

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.

On Friday, US ISM Manufacturing PMI disappointed, falling to 55.5 points. This missed the forecast of 57.6 points and marked a 6-month low for the index. Still, market sentiment remains positive regarding the US economy and the US dollar continues to look sharp against its major rivals. We’ll get a look at the ISM Non-manufacturing PMI on Tuesday. The markets are expecting a softer reading in the December release.

USD/JPY for Monday, January 5, 2015

USD/JPY January 5 at 13:55 GMT

USD/JPY 119.88 H: 120.64 L: 119.86

 

USD/JPY Technical

S3 S2 S1 R1 R2 R3
117.94 118.69 119.83 120.63 121.39 122.18

 

Further levels in both directions:

 

OANDA’s Open Positions Ratio

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.

USD/JPY Fundamentals

*Key releases are highlighted in bold

*All release times are GMT

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Kenny Fisher

Kenny Fisher [4]

Market Analyst at OANDA [5]
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

Latest posts by Kenny Fisher (see all [4])