USDJPY: Well supported by 111.15 levels - BBH

Analysts at BBH note that the dollar finished last week with a three-day slide against the yen that took it to a two-week low a little below JPY112.00. 

Key Quotes

“Just as the euro remains highly correlated with the US-German 2-year rate differentials, the yen is highly correlated with the 10-year differential. Specifically, the correlation on the basis of percentage change for the past sixty days is the highest in more than a decade (~0.77).  The dollar carved a base earlier this month near JPY111.60.  The 38.2% retracement of the rally since last summer's base near JPY100 is found near JPY111.15.   The lows since the US election is about JPY111,30.  Initial resistance now is seen near JPY113.00.”