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Jun 3, 2013
Flash: USD makes new low against JPY - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the dollar made a new low against the yen, slipping to almost JPY100.20.
They feel that although they think that bulk of the yen's decline is well behind it, tactically, it may be worth selling. They write, “Good dollar bids have been seen on intra-day pullbacks. The USD/JPY 100.00 area was difficult to break on the way up and resistance is turning into support. We suspect that under political and economic pressure, the BOJ will continue trying to stabilize the JGB bond market.”
They feel that although they think that bulk of the yen's decline is well behind it, tactically, it may be worth selling. They write, “Good dollar bids have been seen on intra-day pullbacks. The USD/JPY 100.00 area was difficult to break on the way up and resistance is turning into support. We suspect that under political and economic pressure, the BOJ will continue trying to stabilize the JGB bond market.”