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USD/JPY: Decline to continue on failure to cross 152 resistance – SocGen

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USD/JPY remains just below 150.  Economists at Société Générale analyze the pair’s outlook. 

USD/JPY must re-establish beyond 152 to confirm next leg of uptrend

USD/JPY must re-establish beyond 152 to confirm next leg of uptrend. Failure to cross this resistance is expected to result in continuation in down move.

Daily MACD has now dipped within negative territory denoting regain of downward momentum.

Holding below 152, there is risk of a deeper pullback towards the lower limit of the multi-month channel near 146.30/146 and 145.10.

 

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