USD/JPY scales 144 for first time since 7th July. Economists at Société Générale analyze the pair’s technical outlook.
50-DMA near 141.50 is crucial support
USD/JPY has embarked on a steady rebound after defending the upper part of previous consolidation zone near 138/137. It is approaching the peak of June near 144.50/145.00 which could be a potential resistance.
Daily MACD has entered within positive territory denoting prevalence of upward momentum.
In case the pair establishes above 144.50/145.00, the phase of bounce could extend towards 146.10, the 76.4% retracement from last October and 147.90.
The 50-DMA near 141.50 is crucial support
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
No comments yet. Be the first to share your view.