Ok, well if you wanted to look at just one thing to gauge sentiment on Monday, USD/JPY would probably be just as good a choice as anything.
Between the rebound in Treasury yields and the evaporation of the safe haven bid, multiple factors are weighing on the yen and USD/JPY is set for its biggest gain in at least eight months:
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Looks like spec positioning was correct on this one:
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Of course as Bloomberg’s Dennis Pettit notes, that’s assuming everyone had the intestinal fortitude to not only endure the pain through Friday, but also to hang onto those shorts over the weekend, because the positioning data is only current through early last week…
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