FXStreet (Guatemala) - Analysts at BBH noted the overnight action in Japan and offered a summary of USD/JPY:
Key Quotes:
"The Nikkei rallied nearly 27% from the January lows through the high in late-June. The high was retested in August. From that August high to the end of September low, the Nikkei fell about 19.3%. The 9% rally this month is is fizzling out. The gap lower opening today signals a deterioration in the technical condition. Today's decline retraced a little more than 38.2% of the latest leg up. The 50% retracement is near 17670. There is a gap on the weekly charts created by the higher opening on October 5. That gap has been entered, but the bottom of it is near 17776.
The dollar continues to trade in narrow ranges against the yen that have prevailed since late-August/early-September. The range affair persists. The lower end of the range is seen near JPY118.60. Recently, the dollar has been capped ahead of JPY120.50."
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