USD/JPY can extend bounce towards last year high of 152.00 on a break above 149.10 – SocGen

Market news

6 February 2024

USD/JPY can extend bounce towards last year high of 152.00 on a break above 149.10 – SocGen

USD/JPY mildly offered after failing to orbit 149.00 on Monday. Economists at Société Général analyze the pair’s outlook.

Break below 145.90/145.50 essential for confirming deeper pullback

USD/JPY is in vicinity to interim projections at 149.10. A brief pause can’t be ruled out but 50-DMA at 145.90/145.50 is a potential support zone.

Daily MACD is situated in positive territory denoting prevalence of upward momentum.

If the pair establishes beyond 149.10, the rebound could extend towards last year high of 152.00.

Break below 145.90/145.50 would be essential for confirming deeper pullback.

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