Economists from Société Générale analyze USD/JPY technical outlook.
The 138/137.20 defense leads to a continuation of the upward move
“USD/JPY has broken above the upper end of its range since December and reached the previously highlighted target of 140.30, which represents projections. An initial pullback is not ruled out, however the 200-DMA near 138/137.20 should be an important support zone. Defending it can lead to continued upward movement.”
“Beyond 140.30, other potential hurdles are at the top of the multi-month channel near 141.60 and 142.50/142.80.”
