3 Feb 2014
Flash: USD/JPY, break below 101.50/60 allows additional 1% slide - BBH
FXstreet.com (Barcelona) - The yen is the only major currency to have appreciated against the dollar in January (3%), notes Marc Chandler, Global Head of Currency Strategy at BBH.
Key Quotes
"The dollar's five day moving average crossed below the 20-day average for the first time since late October on January 13. Since the multi-week low was set on January 27 near JPY101.75, the dollar has hovered around JPY102. There is some support in the JPY101.50-60 area, but if that were to be convincingly violated, it could signal another 1% slide in relative quick order."
Key Quotes
"The dollar's five day moving average crossed below the 20-day average for the first time since late October on January 13. Since the multi-week low was set on January 27 near JPY101.75, the dollar has hovered around JPY102. There is some support in the JPY101.50-60 area, but if that were to be convincingly violated, it could signal another 1% slide in relative quick order."