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Citi Maintain Bearish Medium-Term Bias For USD/JPY

JPY

Citi write “USD/JPY could not climb above Y137.00 Friday in NY even as U.S. yields notably rallied across the curve. The price action confirmed our bias that spot will likely trade lower medium-term, as U.S. yields find pressure on local and global growth concerns. Our traders think that the maximum spot can climb from here is to Y140.00 but see significant more probability of it falling back towards ~Y131.00. Conversation around a BoJ policy pivot will also ensure a medium-term downward trajectory for the pair.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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