Forex Flash: Negative technical & fundamental outlook for yen - BBH (San Francisco) - According to Marc Chandler of Brown Brothers Harriman: “Japan's macro-economic conditions, like the contracting economy, large, even if not heavy, debt burden, and deteriorating external accounts, offer textbook fundamental reasons not to like the yen. However, it took the threat of significant currency debasement by the man expected to become the next prime minister to spur the yen's slide.”

Technically speaking, Mr. Chandler also says that USD/JPY support is seen near 81.60-80, while reports of decent resistance at 83 and 84 are noted; “The adjustment does not appear over, even if the recent pace, a 3.6% slide since November 13 is not sustained.”

USD/JPY last trades at 82.00.