Citi: 2 scenarios for USD/JPY

Citi points out to 2 USD/JPY scenarios from the formation analysis perspective.

1) The pair has already climbed up above the triangle and the upside target lies around 108.00 (the triangle width was about 10 big figures)

2) The shape of the triangle is converting into an ascending one from a symmetrical one so far, with the new upper border at around 103.70 (2013 high in May)

"Even in the latter case, the breach of the new upper limit (103.70) would indicate a new extended target at 113.00, even while the high at 103.70 would act as a resistance in coming months. Thus, in the mid-term time horizon, the 108.00 level is recognized as a crucial target in either case," Citi projects. 

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