FXStreet Insights Team
31 Mar @ 09:59 (GMT+0)
USD/JPY: A pullback is taking shape – Societe Generale
USD/JPY rebound petered out near the confluence of the 50-DMA and the 200-DMA at 151.30/151.60, Societe Generale's FX analysts report.
USD/JPY can fall towards March lows near 146.50
"A pullback is taking shape after this test. The pair has breached the short-term ascending channel within which recent rebound evolved; this denotes possibility of resumption in downtrend. Recent pivot low of 148.15/147.50 is first layer of support. Failure to defend this can lead to continuation in decline towards March lows near 146.50 and perhaps even towards projection at 145."
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