Forex Flash: USD/JPY, confidence up dollar top in place - BBH

FXstreet.com (Barcelona) - USD/JPY managed to penetrate the 79.50 support after a strong US Treasury auction on Thursday, which led to a sharp fall in US bond yields and the Yen to hit an 8-day high at 79.27, just a brisker away from a 3-week high. Marc Chandler, Global Head of Currency Strategy at BBH, notes "there is a bearish divergence unfolding in the 14-day relative strength index" and the break of JPY79.50 will likely give confidence for Yen bulls that "a dollar top may be in place" he adds.

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