USD/JPY: Move above 104.00 completed technical phase? - BBH

FXStreet (Bali) - According to Marc Chandler, Head of FX at BBH, the USD/JPY may have completed a technical phase above the 104.00 mark.

Key Quotes

"The market rebuffed the dollar's foray above JPY104. Pressured by the decline in US yields and then by the sharp sell-off in equities the dollar retreated to JPY103.20,a retracement objective of the run-up since the March 27 low near JPY101.70."

"A break of it could spur a move toward JPY102.60. Technically, it does look as if the move above JPY104 completed some technical phase."