USD/JPY has broken above a descending trendline after consolidating near 149, signaling further upside toward 155.40–156.50, Société Générale’s FX analysts note.
Upward momentum builds for USD/JPY
“USD/JPY recently evolved within a brief consolidation but successfully defended the previous gap levels near 149. It has now broken out above this range and crossed a multi-month descending trendline, signalling a continuation of the upward move.”
“The pair may gradually head higher toward the next projections at 155.40 and 156.50. The recent pivot low of 151.50 serves as short-term support.”