FXstreet.com (Barcelona) - The Dollar dropped yesterday against the Yen after having reached a fresh recent-high, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank: Dropping after a third upside test saw prices inch to a new recent high at 105.88. If we can hold below 104.50 this morning bearish momentum should increase possibly triggering a very sharp slide to 103.00.

Strategywise, Elliott advices: Attempt shorts at 104.25, adding to 104.50; stop above 105.00. Short term target 104.00, then 103.00.