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Citi FX: buy USD/JPY

Citi FX analysts see a clear break of the reverse "head and shoulders" neckline and a 55-day MA at 102.02/22. In their view, this break open the way for a rally to 103.50

"The next big level above there is 104.13 (April high and double bottom neckline). A close above there would likely send USD/JPY to 107.50, especially if we are going to see higher US yields (as expected) and a higher Nikkei 225 (also as expected)," Citi adds.


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