USD/JPY: Head and shoulders bottom pattern? - BBH

Analysts at BBH explain that the dollar finished last week at its best level against JPY since February 21 (~JPY107.65) and that they continue to monitor a head and shoulders bottom pattern. 

Key Quotes

“The break of the trendline did not spur the kind of impulsive move that technicians often like to see on the violation of the neckline.  Nevertheless, the firmer greenback tone is evident.  The four-week dollar advance matches the longest ones since late 2016.   The JPY108 area is the main obstacle to a run toward JPY110.  A base has been built in the JPY106.65-JPY106.85 area.”