USD heavy against the yen - BBH

The dollar is heavy against the yen, having been repulsed from the JPY112.20 area in the middle of the week as it closed below JPY111.00 for the first time since mid-June, explains the research team at BBH.  

Key Quotes

“The tone is heavy, even though the technical indicators are mixed.  The RSI and MACDs are headed lower, while the Slow Stochastic is trying to turn higher from oversold.   A break of JPY110.60 would likely spur a move toward psychologically important JPY110, though technically, more important support is near JPY109.  The JPY112.00 area offers initial resistance, but it may take a move above JPY113.00 to be of technical significance.”