USDJPY: Technical indicators are constructive – BBH

The dollar dropped to nearly JPY108.45 yesterday during the equity drop but held above last week's low (~JPY108.30), putting in a potential double bottom, according to analysts at BBH. 

Key Quotes

“It traded as high as JPY109.70 in Asia, before coming back off, perhaps pulled by the easing of global yields.  The technical indicators are constructive, and a move above JPY110.50 is needed to confirm the low.  The 20-day moving average has kept upticks in check for the past month.  It is found just below JPY110 now.  Options expiring today struck at JPY109.40-JPY109.50 for around $820 mln may offer an additional barrier today.”