The 25-year-old's push for a second MotoGP championship was handed a massive boost when title rival Dani Pedrosa was wiped out on the first lap of the San Marino Grand Prix, allowing Lorenzo to pull 38 points clear.
While Lorenzo is yet to finish ahead of Pedrosa at Aragon, having been fourth in 2010 and third last year, he believes Yamaha's test at the Spanish track earlier this month stands the team in good stead.
Lorenzo topped the second day, although Pedrosa was fastest overall.
"Aragon has not been the strongest track for us in the last two years, but I think we have found something in recent testing which will help us to be more competitive here," Lorenzo said.
"We will try to make a good show for all the Spanish fans who come to see us and we will try to win."
Team manager Wilco Zeelenberg echoed Lorenzo's thoughts, adding: "Aragon has not been our best track previously; however we should be more competitive this year.
"We've got a good set-up and a fast pace from the test recently so we're confident Jorge can be up there from the start."
Fresh from a trouble-free weekend at Misano, Ben Spies meanwhile said he was aiming to be on the pace from the outset at Aragon.
"We had a really good test here a few weeks ago so I'm hoping the conditions are similar," he explained.
"We've got a really good base set-up for the track so we should be able to get onto the pace quickly on Friday morning.
"It was great to have a weekend in Misano with no issues, I'm hoping it will be like this for the rest of the year so we can concentrate on just giving 100 per cent on the track."