USDJPY: Well supported by 111.15 levels - BBH
|Analysts at BBH note that the dollar finished last week with a three-day slide against the yen that took it to a two-week low a little below JPY112.00.
Key Quotes
“Just as the euro remains highly correlated with the US-German 2-year rate differentials, the yen is highly correlated with the 10-year differential. Specifically, the correlation on the basis of percentage change for the past sixty days is the highest in more than a decade (~0.77). The dollar carved a base earlier this month near JPY111.60. The 38.2% retracement of the rally since last summer's base near JPY100 is found near JPY111.15. The lows since the US election is about JPY111,30. Initial resistance now is seen near JPY113.00.”
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