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Oct 14 - 10:55 AM

USD/JPY: Heading Towards 114.37/70 N-Term - Citi

By eFXdata  —  Oct 14 - 09:30 AM

Citi discusses USD/JPY technical outlook and sees a scope for an extension towards 114.37/70 in the near-term.

"USD/JPY closed substantially above a triple resistance range at 112.23-112.40 yesterday, which is where a rising channel top converges with the Apr 2019 and Feb 2020 highs, and is headed quickly towards a strong resistance range at 114.37-114.73 that is drawn off the highs from May and Nov 2017 and Oct 2018," Citi notes.

"USDJPY is currently trading at the highest level of the year, and we expect this move to persist as long as the short end of the US yield curve continues to advance higher. Lastly, oil and gas prices remaining at elevated levels should continue to have a negative feedback loop into JPY," Citi adds. 

Source:
Citi Research/Market Commentary

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