JPY: Guided by technicals - BBH

Analysts at BBH note that the USD spent the last week chopping at the lower end of this year's range and before the weekend the greenback held above JPY109 for the first time in six sessions.  

Key Quotes

“The RSI and MACDs suggest the market try to take the dollar higher, while the Slow Stochastics warn the market may not have the strength to move out of this month's range yet.  The 20-day moving average is a little below JPY110, which is the middle of the two-yen range.  The weakness of the yen against the dollar may be aided by euro gains against the yen.  The euro looks poised to push higher, and a break JPY130 would bolster ideas that a new leg up has begun that may carry the single current toward JPY134 over the medium term.”