USD/JPY: Short-term pullback towards 146.30/146 and 145.10 on the cards – SocGen
|USD/JPY slips below 149. Economists at Société Générale analyze the pair’s outlook.
Only a cross above 152 would signal a larger uptrend
USD/JPY has once again struggled to reclaim the high of 2022 near 152 forming double top pattern.
Daily MACD has been posting negative divergence and has dipped below its trigger line denoting lack of steady upward momentum.
The pair is now attempting a break below 50-DMA first time since August and is challenging recent pivot low. A short-term pullback can’t be ruled out towards the lower limit of the multi-month channel near 146.30/146 and 145.10.
Only a cross above 152 would signal a larger uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.