USD/JPY: Double Top Neckline Key; Bearish On Weekly & Monthly Charts - Citi

USD/JPY: Double Top Neckline Key; Bearish On Weekly & Monthly Charts – Citi

USD/JPY has been rocking and rolling amid trade news. Where next for the pair?

Here is their view, courtesy of eFXdata:

Citi discusses USD/JPY technical outlook and flags a bearish bias on the weekly and monthly charts.

“The pair is trading below the support area around 106.96 -107.11, where the double top necklines converge with the 55d MA. A move below there would suggest further USDJPY weakening towards the target of 104.45 before testing the trend low at 104.46,” Citi notes.

“CitiFX Technicals sees USDJPY heading lower both on its weekly and monthly charts,” Citi adds.

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Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile

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