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"We can certainly say that exports are headed in the right direction. The breakdown shows that export volumes are still a little weak. Demand from the United States is doing well and Japan's trade deficit should eventually shrink."
- Mitsubishi UFJ Morgan Stanley Securities (based on The International Business Times)
Pair's Outlook
Pair is gaining pace after hitting 94 JPY and at the moment is testing the strength of the monthly S1 at 97 JPY. Short term outlook remains rather positive, suggesting short term rallies. Technical indicators, however, suggest that pair faces significant pressure. Most likely from the 97.5 JPY area which is likely to be tested today and keep the pair at bay.
Traders' Sentiment
Amount of open positions controlled by the bulls decreased to the start of the week levels (71%). It is highly likely that bull domination will persist as 60% (+5% since yesterday) of pending orders are set to go long.
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