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Mar 03 - 10:55 AM

JPY: Expecting USD/JPY To Peak Around 107 Before Falling Back Towards 104.50 - Citi

By eFXdata  —  Mar 03 - 09:30 AM

Citi discusses the JPY outlook and looks for USD/JPY to peak around current levels before correcting lower towards 104.50 over the coming weeks.

"After a few weeks of active reflation trades and the current reactionary adjustments, in our view USDJPY is nearing a ceiling, followed by a return to a medium - to long-term downtrend.  While its move has been stronger than we expected, the upward momentum, seen in the RSI for instance, has already reached a plateau," Citi notes.

"We expect USDJPY to fall back to around 104.5 initially after peaking at around 107, and eventually break through that support level and test the 2020 low at around 101 in a couple of months," Citi adds. 

Source:
Citi Research/Market Commentary

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