Fundamentals:
With japanese M4 Money supply expected to come in flat later on to be same as last month's reading, and the US FED fund rate hike in doubt for next week and china importation data coming in lower than expected, USDJPY pair looks set to play out the risk aversion card.
Technicals:
Our position still remains cautiously bearish in the near term for this pair as current price action is seen as a brief consolidation/retracement (wave iv) inside a leading diagonal (shown in orange lines) currently forming as wave i of 5 of the final correction C.