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Analysts at Citibank, see the USD/JPY pair trading at 106 on a three-month horizon and at 103 in a six to twelve-month forecast. 

Key Quotes:

“We think the Yen fairs well as the V shaped stocks recovery meets headwinds from 2nd waves. More longer term, we do see scope for a move down towards 100. We expect the BoJ to lift its short-term policy rate to 0% in October 2021, alongside a hike in its 10yr JGB yield target.”

“USDJPY’s RSI reached overbought territory and upside may be limited at 110.30. The pair may range trade between 107.09- 110.30 in short term. Next support and resistance may find at 105.99 and 111.37 respectively.”

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