Citi's macro strategists advise shorting USD/JPY at 159.10, targeting 156, with watch level 160.5 ahead of BOJ meeting.
They cite yen approaching intervention zone near 160 and expect a BOJ rate hike, with swaps pricing ~20 bps tightening.
Earlier in April Citi had short USD/JPY on yen's safe‑haven status and potential intervention, closing the recommendation a month later.