USD/JPY: up +0.6% on previous week, headed to above 108.00? - BBH

Analysts at Brown Brothers Harriman explained that the yen fell about 0.6% against the dollar last week. 

Key Quotes:

"It ends a two-week advance of about 3.6%. The MACDs are about to turn higher, while Slow Stochastics already have."

"Still, it means little until the dollar can get back above JPY108. After falling through that level on February 13, it tried to resurface it on  February 21 but was repulsed. Provided the dollar can hold the JPY106.45 area, it, the market may try again."

"The yen's outperformance of the euro has translated into the euro testing the 200-day moving average against the yen near JPY131.20, which also corresponds with the Q4 17 low set in late November. There is heavy congestion around JPY130."