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Oct 07 - 01:24 PM
USD/JPY: Double Top Neckline Key; Bearish On Weekly & Monthly Charts - Citi
First appeared on eFXplus on Oct 07 - 11:20 AM

Citi discusses USD/JPY technical outlook and flags a bearish bias on the weekly and monthly charts.

"The pair is trading below the support area around 106.96 -107.11, where the double top necklines converge with the 55d MA. A move below there would suggest further USDJPY weakening towards the target of 104.45 before testing the trend low at 104.46," Citi notes. 

"CitiFX Technicals sees USDJPY heading lower both on its weekly and monthly charts," Citi adds. 

Source:
Citi Research/Market Commentary

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