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"In the past few months, Abenomics has pushed up sales of Japanese carmakers by weakening the yen. The selling prices of some Japanese cars in the U.S. have been lowered to make them more competitive."
- Fukoku Capital Management Inc. (based on Bloomberg)
Pair's Outlook
Pair remains stable slightly below the weekly PP/20-day SMA and does not look like anything could change soon. The pair could undergo a major sell off if it would dip below 96.58 JPY. In order to ignite a major rally it should advance above 98.83 JPY. For now, however, we expect it to remain bounded by these two levels.
Traders' Sentiment
Bullish side of pending orders decreased by 3% and is at 64% gauge. Most of this decrease seems to have gone to the bullish sentiment as it increased by 2% and is at 72% level.
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