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"This is clear evidence that the weakness of the Japanese currency has helped Japan's exports. The export environment in Asia is very challenging and the fact that Japan has seen growth for four straight months is a positive sign."
- Fujitsu Research Institute (based on BBC)
Pair's Outlook
Pair has been trading around 100 JPY for quite some time now. Failures of rallies were usually caused by the pressure coming from some higher technical levels. Sell offs were finding support with Fibo 50% (end of May till mid of June move) or SMAs. No different seems to be recent trading sessions either. 55 and 100-day SMAs are keeping the pair supported on the dips. It seems that pair is likely to continue trading like this further and we will have to wait for a bullish impetus predicted by the long term technicals.
Traders' Sentiment
Situation in the market is exactly the same as yesterday—74% of open positions belong to the bulls and 56% of pending orders are set to go long on the pair as well.
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