USD/JPY: Base case for further losses towards 109.19 - Citi

Market news

15 July 2021

USD/JPY: Base case for further losses towards 109.19 - Citi

eFXdata reports that analysts at Citi discuss USD/JPY technical outlook.

"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."

"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."

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