USDJPY daily
SocGen anticipates a temporary pullback in USD/JPY towards 145, followed by a potential rally towards the significant resistance level near 152.
Key Points:
Recent Performance:
- USD/JPY has formed a higher trough at 141.60 and is currently in a short-term rebound, having surpassed its 50-day moving average (DMA) at 145 and recently tested the pivot high of 149.45.
Technical Indicators:
- The daily MACD indicator is moving into positive territory, suggesting a resurgence of upward momentum for the currency pair.
Potential Pullback:
- While a brief pullback to the 145 level cannot be ruled out, holding this moving average could lead to an extended upward movement.
Resistance Levels:
- Key resistance is observed at 152, which corresponds to the high from November 2023 and the low from May 2024, marking a critical area for future price action.
Conclusion:
SocGen suggests that USD/JPY is likely to experience a brief pullback to the 145 level before potentially resuming its upward trajectory towards the 152 resistance level. Monitoring the 50-DMA will be crucial, as maintaining this support could signal further bullish momentum for the currency pair.
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