Forex Flash: Yen indifferent to global developments - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the heightened political tensions in Europe and the decline in US yields has not been sufficient to lift the yen.

He notes that the dollar´s lows against the Yen were set at the start of last week, just below JPY 91 and it recorded higher lows each day thereafter. He writes, “We remain skeptical of the renewed yen weakness, but respect the price action. After taking profits in February, leveraged accounts are believed to be re-establishing positions and interest in JPY100 strike calls for 2-3 months tenor has been reported.”