USD/JPY: Risk of a deeper pullback is likely – Societe Generale
USD/JPY recently formed a lower peak near 158.85 than the one achieved last year at 162, Societe Genrale’s FX experts note.
USD/JPY can fall down to 154.30/153.75 and below
“Daily MACD has been posting negative divergence highlighting receding upward momentum. The pair is now challenging the confluence of the 50-DMA and a multi-month ascending trend line. It will be interesting to see if the pair attempts a rebound from this MA. Failure to overcome the high achieved earlier this week near 156.75 could denote risk of a deeper pullback.”
“Next potential supports could be located at 154.30/153.75, the 50% retracement from December and 152.80.”
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