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

Market news

10 August 2023

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.

US CPI Preview: An increase in core of 0.4% MoM or more could mean chaos and a stronger Dollar – SocGen

AUD/USD Price Analysis: Downside momentum fades but caution prevails ahead of US CPI

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