USD/JPY met projections near 150/152 in October and has embarked on a steady pullback. A break under 130.40 would open up further losses towards 128, then 125.85/124.00, analysts at Société Générale report

Downtrend to deepen if 130.40 is violated

“The pair is now in vicinity to August trough near 130.40. An initial bounce is not ruled out however 138 is likely to cap.”

“Failure to defend 130.40 would mean a deeper downtrend. Next potential objectives could be at projections of 128 and 2015 levels of 125.85/124.00.”