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May 10 - 02:55 PM

USD/JPY: Key Levels To Watch - Citi

By eFXdata  —  May 10 - 01:30 PM

Citi discusses USD/JPY near-term technical outlook.

CitiFX Technicals flags levels for USDJPY: USDJPY set a new trend high at 131.35 before retracing lower and ending the day indecisive. At the close, price action experienced triple momentum divergence at the trend high (one of our top 3 favorite indicators)," Citi notes. 

"If price action follows through and trades lower, the 1st support to watch is 128.63 (May 2022 low). A close below 128.63, if seen, would complete a double top and suggest a target of 126 with intermediate support at 126.95...Prefers expressing downside via crosses including EURJPY and AUDJPY," Citi adds. 

Source:
Citi Research/Market Commentary

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