Remarks from Citi come via eFX: For bank trade ideas, check out eFX Plus.
- We don't think the downside for USDJPY will expand beyond the 100-day moving average (around 111.6) in this phase, while still seeing the risk that the pair will bounce back to the recent high of around 115.5 over the next few weeks
- Buy-on-dip will be the valid tactic in this adjustment period triggered by the Omicron variant
