JPY Advancing Streak has been Stopped - BBH
Research Team at BBH, suggests that the surging yen has been the main
feature in the foreign exchange market in recent days, but its advancing
streak has been stopped with today's setback.
Key Quotes
“The
greenback briefly dipped below JPY 107.70 in North America yesterday but
has not been below JPY 108 today. It is near JPY 109 as NY dealers
return to their posts.
Japanese officials may have ratcheted up
their rhetoric a notch, but ultimately it simply seems that yen buying
dried up. Either the demand at the beginning of the fiscal year has
been met, or the sharp yen rise encouraged buyers to pull back. The
dollar's upticks look corrective in nature, and it remains well within
yesterday's range. We peg initial resistance in the JPY 109.30 area.”
(Market News Provided by FXstreet)
