The pullback in US rates may have been the spur that snapped a four-week dollar advancing streak against the Japanese yen, according to analysts at BBH.
Key Quotes
“The greenback's slide in after reaching almost JPY114.50 on July 11, met the 38.2% retracement target (of the advance from the June 14 low near JPY108.85) that is found near JPY113.35. The 50% retracement comes in around JPY111.65. The technical indicators seem to be generating powerful signals warning that the downside may be greater. The euro reached almost JPY130.80 on July 11 and finished the week below JPY129. The technicals look poor too, and the initial target may be JPY127.50-JPY128.00.”
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