7 Apr 2014
USD/JPY: Move above 104.00 completed technical phase? - BBH
FXStreet (Bali) - According to Marc Chandler, Head of FX at BBH, the USD/JPY may have completed a technical phase above the 104.00 mark.
Key Quotes
"The market rebuffed the dollar's foray above JPY104. Pressured by the decline in US yields and then by the sharp sell-off in equities the dollar retreated to JPY103.20,a retracement objective of the run-up since the March 27 low near JPY101.70."
"A break of it could spur a move toward JPY102.60. Technically, it does look as if the move above JPY104 completed some technical phase."
Key Quotes
"The market rebuffed the dollar's foray above JPY104. Pressured by the decline in US yields and then by the sharp sell-off in equities the dollar retreated to JPY103.20,a retracement objective of the run-up since the March 27 low near JPY101.70."
"A break of it could spur a move toward JPY102.60. Technically, it does look as if the move above JPY104 completed some technical phase."