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Jul 15 - 09:55 AM

USD/JPY: Base Case For Further Losses Towards 109.19 - Citi

By eFXdata  —  Jul 15 - 09:11 AM

Citi discusses USD/JPY technical outlook and sees a scope for a decline towards 109.19 ahead of 108.34.

"CitiFX Technicals flags that the pair completed a bearish outside day while also closing back below a strong horizontal support at 110.42 and is headed lower to test the 55 day MA at 109.83," Citi notes. 

"There is a notable weekly momentum divergence at the highs, so our base case is for USDJPY to see further losses at least towards the June 2021 low at 109.19 or even lower towards a significant support at 108.34 (Mar and May 2021 lows)," Citi adds.

Source:
Citi Research/Market Commentary

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