Citibank recommends USD/JPY long with 124 target

–    We have gone long USDJPY at 120.22 with an initial  target on 124-127.50 .Our stop loss is at 118.45
–    We are using 20% of capital
–    The present daily pattern is starting to look bullish again while the historical picture (Including our favourite year of 1999) supports a move higher as we start Q2.
– Just turned off a short term 76.4% pullback and broke through downward sloping resistance just under 120.
– Similar to what happened in February before the move to new trend highs at 122.04
– The 76.4% pullback was posted on 03 April which is also similar to what happened on 02 April 2013
– Levels that have been in in Q2 of a number of years including 1999 (the year we feel the present USD dynamics in general are most closely following)

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