10 Jun 2013
Flash: USD/JPY technically tests 95 - BBH
FXstreet.com (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the dollar reached out quarter-end target against the yen of JPY95 after the US data.
He feels that this also appears to have completed a technical move. He writes, “The 38.2% retracement of the dollar's gains since the election was called in the middle of last November came in near JPY94.30. The dollar's recovery before the weekend leaves a bullish divergence on the momentum indicators. We look for a return to the JPY100 area.”
He feels that this also appears to have completed a technical move. He writes, “The 38.2% retracement of the dollar's gains since the election was called in the middle of last November came in near JPY94.30. The dollar's recovery before the weekend leaves a bullish divergence on the momentum indicators. We look for a return to the JPY100 area.”