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"Japan's growth will be supported by its near-term fiscal stimulus, bold monetary policy and recently announced strategy for promoting private investment. However it will need to address the challenge of defining a credible medium-term fiscal plan."
- Communiqué at G8 summit (based on Reuters)
Pair's Outlook
Pair is sitting at the Fibo 38.2% (November, 2012, till May, 2012, move). It is very hard to depict the current situation as a recovery or anything similar. It seems more likely that bears are charging up for an attack. In case pair gains some tempo in the short term it might reach 97 JPY, but it is very unlikely to advance above it.
Traders' Sentiment
Trader's are becoming even more bullish on the pair. Long positions account for 73% of all open positions on the pair at the moment. This 2% increase most likely was caused due to triggering of pending orders as share of pending long orders decreased to 54%.
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