Further downside likely in USD/JPY – BBH

By FXStreet FXStreet (Edinburgh) – Analysts at BBH have suggested that further pullbacks in USD/JPY could be on the cards.

Key Quotes

“The dollar’s decline against the yen may not be over, though the risk increases that Japanese officials object to further yen strength”.

“The break of JPY120 at the start of the week and then the break of JPY118 in the second half of the week has inflicted serious technical damage”.

“Even with the stabilization of China, a strong US jobs report, and the firming of US rates, the dollar could not sustain the upticks”.

“A break of JPY117.30 would bring the spike low (~JPY116.20) from August back into view”.

“The dollar posted its lowest close since last February. A move above JPY119.00-JPY119.30 would begin to repair the damage”.
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Source:: FX Street