Citibank lowers USD/JPY call to 103.00

Citibank is the next major bank to lower their forecast on the USD/JPY, with Citi analysts dropping their 6 to 12 month horizon on USD/JPY from 108.00 to 103.00.

Citing a global risk-off environment, Citi analysts are considering the Yen to be "very cheap" against the majority of its counterparts in the long-term, especially the Euro, and Citi will also be looking for declining US Treasury yields on a slowing global economy to help spur the trade further on.