Analysts at Brown Brothers Harriman explained that 110 is on the radar, with 108 a "sticky" point.
"It bottomed (~JPY104.55) on March 26, with a key reversal, which created bullish divergences in some of the technical indicators."
"It appears that the dollar has formed a head and shoulders bottom pattern against the yen. The neckline was broken on April 5 just below JPY107, but follow-through was limited, and as recently as April 10, the dollar probed JPY106.6.5 on an intraday basis."
"However, by the end of the week, the dollar was at matching its best level since February 21. The head and shoulders pattern projects toward JPY110, but we suspect the JPY108.00 area may prove sticky."
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