USD/JPY remains pretty well bid in early North American trading. The Japanese yen has been hurt by overnight data showing Japan posting the first current account deficit in 13 years, with Japanese exports showing a whopping 43% y/y slump. CFTC data for Tuesday March 3rd showed that investors have continued to reduce net long JPY spec positions, which are now about half of their end January levels.
Sources report buy orders lined up down at 98.30. Technical resistances now lie at 99.68, 100.00 and 100.55.
