By eFXnews.com
Investors following short-term macro-technical strategies should consider buying USD/JPY on slight dips into 98.80, with an initial target at 100.80, a secondary target at 101.70, and a protective stop at 96.70, advises Citibank. "We continue to see short JPY as the most attractive trade. It continues to be the case that the JPY-Nikkei correlation remains at long term highs so we are skeptical that yen depreciation is over, given that the Nikkei remains 25% below its 2007 local peak. It is most likely that domestic monetary policy will be used to weaken the yen and boost the Nikkei and so far there is little incentive to pull back. If the CB liquidity theme is the dominant one, JPY will probably fall faster; if the slowing growth theme is dominant, it will fall more gradually," Citi outlines the macro rationale behind this call. "USD/JPY is still trying to breach above the resistance at 100, and if that’s the case we believe it will test 100.80, the V target price from the high in March in the Ichimoku theory, shortly," Citi outlines the technical rationale behind this call.
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