USD/JPY: BREAK BELOW 148.80 COULD TRIGGER DEEPER PULLBACK – SOCGEN
USD/JPY extends rebound above 150. Economists at Société Générale analyze the pair’s outlook.
Possibly forming double top
USD/JPY recently faced stiff resistance near 151.70/152 as it failed to overcome the high of 2022. This denotes formation of a possible double top. Daily MACD has been posting negative divergence since July denoting receding momentum.
151.70/152 is likely to remain an important hurdle near term.
A price break i.e., a move below recent pivot low at 148.80 could mean a deeper decline. This can lead the pair lower towards 147.30 and 145.90/145.10, the 23.6% retracement from January.
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