- Analytics
- News and Tools
- Market News
- USD/JPY: Break below 148.80 could trigger deeper pullback – SocGen
USD/JPY: Break below 148.80 could trigger deeper pullback – SocGen
USD/JPY extends rebound above 150. Economists at Société Générale analyze the pair’s outlook.
Possibly forming double top
USD/JPY recently faced stiff resistance near 151.70/152 as it failed to overcome the high of 2022. This denotes formation of a possible double top. Daily MACD has been posting negative divergence since July denoting receding momentum.
151.70/152 is likely to remain an important hurdle near term.
A price break i.e., a move below recent pivot low at 148.80 could mean a deeper decline. This can lead the pair lower towards 147.30 and 145.90/145.10, the 23.6% retracement from January.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
