For months, JPY has been trading in a contained and rather boring range against the dollar. However, on the crosses, albeit for risk or order demand, the Yen cross has always been a moving target. A commodity sensitive currency pairing like CAD/JPY is a good example. Nevertheless, if we follow the rate divergence argument, today's most popular of trades seems to be the EUR/USD (€1.0920). The single unit has lost almost -10% year-to-date, and -20% in a calendar year to the dollar. USD/JPY should be the other most popular rate divergence trade, however, JPY has lost only -2.5% outright, with most of that loss occurring ... (full story)