All of the Yen crosses have rebounded today despite little Japanese economic data.
Compared to a few weeks ago, risk appetite has certainly improved. Gold prices are well off its highs, but as we all know, risk appetite can change on a dime. Non-farm payrolls will be critical in determining whether we see a more meaningful rally in carry trades. Although we could still see a further bounce, longer term trend for USD/JPY and other the Yen crosses, is still down.