Citi on USD/JPY – no follow through lower


Citi have been unimpressed with USD/JPY 

  • says the move lower under support area circa 107.50 last week has not prompted an acceleration lower
  • take back shorts 

Says USD/JPY tends to focus more on the 10-year yield movement

  • But shorter end of the curve can outperform
  • 2-year/10-year spread may continue to steepen


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