USD/JPY: Phase of bounce could extend towards 146.10 – SocGen

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.