JPY: Technical indicators were mixed - BBH

Analysts at BBH, note that the yen closed higher against the dollar every day last week until Friday and the buying appears to have been led by Japanese participants. 

Key Quotes

“The dollar was sold in Asia every day and before the weekend it was driven to almost JPY105.50 after finishing the previous week near JPY108.80.  The dollar recovered to new session highs near JPY106.40.  The fear that Japanese selling may not be over may have contributed to the note of caution.  Unlike the euro, the technical indicators were mixed, and only the RSI did not soften ahead of the weekend.  We peg initial resistance in the JPY107.00-JPY107.20 area.  Support is seen near JPY105.”