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Apr 23 - 10:55 AM

USD/JPY: A Daily Close Below 107.77 To Trigger A Sharp Downside Acceleration - Citi

By eFXdata  —  Apr 23 - 09:30 AM

Citi discusses USD/JPY technical outlook and flags a scope for a sharp downside acceleration towards 106.87.

CtiFX Technicals flags that the pair continues to test a triple support range below 107.77-107.91, which is where the 55 day MA and a rising trend line converge with a 38.2% Fibonacci level. A daily close below this range, if seen, could trigger a sharp downside acceleration towards the double highs from August 2020 and a 50% Fibonacci level at 106.78 -107.05,' Citi notes. 

"A bounce won’t be probable before the pair recovers the 5d MA (around 108.1), current resistance, and we see the potential upside likely to be limited at the 21d MA (around 109.3)," Citi adds. 

Source:
Citi Research/Market Commentary

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