USD/JPY (current price: 111.08)
The Japanese Yen continued to trade sharply lower against the Dollar this week, despite the better than expected Japanese GDP print. The pair is up this morning as well, following the release of the Japanese Trade Balance. The balance came in at 0.47 trillion, better than the expected 0.41 trillion. The All Industries Activity Index was also higher than the consensus estimate in October, but the Yen remains under pressure after the U.S. election.
Our assessment: The pair held up above the crucial 110 level on Friday and now it trades around the 111 level. The short-term trend remains bullish, with resistance looming at 111.50.
