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CITI cb wklytech 21 11 14.pdf

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Market Commentary │ November 20, 2014
USDJPY - October 2014

Source: Aspen graphics/Bloomberg November 19, 2014.

The fall into the October 15 low at just over 4% was much less than that seen during the August-October 1998
meltdown. This validates the view that this position is much less “owned” than in 1998.

USDJPY has subsequently moved higher again (with likely low ownership) .In 1998 the subsequent bounce
before consolidating again was 12.26 big figures. That would equate to 117.49 this time (High so far 117.94)

So where does that leave us?

Once again we suspect that this trade (USDJPY) could get choppy from Thanksgiving onwards into January
before once again seeing the uptrend resume

Market Commentary – for Institutional Client Use
Only. Refer to informational disclosures and
qualifications at the end of this publication.

Weekly Roundup
November 20, 2014