USD/JPY has established itself above the May peak of 131.30. Economists at Société Générale expect the pair to reach next projections at 138 and 141. 

Watch out for support at 131.30

“Monthly MACD is firmly anchored within positive territory, which denotes upside momentum is still prevalent.” 

“USD/JPY is fast heading towards the upper limit of a multi-month channel at 138 and projections of 141. If these objectives are achieved, it could result in a consolidation, although signals of reversal are still not visible.” 

“The next significant resistance could be at projections of 148/150 which is also the high formed in 1998.” 

“Only a break below May peak of 131.30 would denote a phase of pullback.”