USD/JPY: downside looks vulnerable - BBH

Analysts at Brown Brothers Harriman explained that the dollar closed above JPY114.00 for the third consecutive session ahead of the weekend, but there is no momentum. 

Key Quotes:

"The greenback has spent the past two weeks chopping JPY113.00 to about JPY114.50. The daily technical indicators are not generating strong signals, though the Slow Stochastics have turned lower.   

There is a downtrend line that connects the June and August 2015 highs, catching the November and December 2015 highs, and late 2016 and early 2017 highs come in a little above JPY115.00.  Without more interest rate support, and given the surge in gross speculative short yen positions in the futures market (near 10-year highs), the dollar's gains look vulnerable."