Citi discusses USD/JPY outlook and sees a scope for a move above 140
"BoJ minutes has not offered any new insights into last Friday’s rate decision. With all policy settings unchanged, this has reinforced the medium term bearish JPY view, and that the bar for JPY intervention by the MoF is as higher than 140," Citi notes.
"CitiFX Technicals sees spot climbing all the way to horizontal resistance at 147.66 (1998 high) now that it closed above the top of a descending channel at 136.04. Though, this close would need to be sustained on a weekly basis to strengthen the argument," Citi adds.