USD/JPY short-term technicals: neutral/bullish - Scotiabank

Analysts at Scotiabank noted the sell-off in the Yen.

Key Quotes:

"Short-term price action looks modestly encouraging for USD/JPY; the market is breaking out bullishly from the 2017 downward channel (ceiling at 113.37) that has policed the corrective dip from the mid 118s highs seen around the turn of the year.

Last week’s lows for the USD exceeded the 38.2% retracement support modestly (111.95) but the rebound from the Fibonacci support zone supports the impression of a market that is poised to turn up."