A “critical turning point is approaching” for dollar-yen, which could briefly decline past 105 as it reaches the second bottom in a triangle trading pattern, Naohiko Miyata, chief technical analyst at Mitsubishi UFJ Morgan Stanley, wrote in a note on March 6.
Over the past decade, the pair has bottomed once every 47 weeks on average, and this week is the 46th week of the cycle that started April 17, signaling that a bottom may be near, he wrote.
The dollar fell 0.5 percent to 105.60 yen.
Source: Bloomberg Pro Terminal
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