Yen is over-stretched - BBH

Analysts at Brown Brothers Harriman explained conditions surrounding the Yen.

Key Quotes:

"The yen is a stretch as illustrated by the weekly close below the lower Bollinger Band (~JPY108.85).'

"However, there have been a few weekly downdrafts of the dollar that were larger, without sparking an intervention. "

"We also recognize some preliminary sign that seasonality is playing a role. Of the past 11 years, the dollar has fallen in seven of the Aprils, including four of the past five."