Yen Breach of 100 Per U.S. Dollar Foreshadows More Weakness
This article is for subscribers only.
The yen is poised to weaken even further versus the dollar after breaking a key support level at 100 for the first time in four years, trading patterns show.
The Japanese currency will pass through support at 101.69 per dollar before completing a so-called triangle pattern in the range from 103.32 to 104, according to Bank of America Corp. A fall to 104 would be the yen’s lowest level since October 2008. A triangle pattern is formed when upper and lower trend lines intersect. Bank of America has a year-end forecast of 105.