Uptrend likely to extend on a break above the peak of 2022 near 152 – SocGen

USD/JPY advances to within striking distance of the October 2022 high of 151.95. Economists at Société Générale analyze the pair’s outlook. 

Only on a  break below 148.80 would there be risk of a larger down move

USD/JPY successfully defended the support of 148.80 representing late October low in recent pullback. This test has resulted in a bounce. The pair is now challenging the peak of 2022 near 152. If this hurdle is overcome, the phase of uptrend is likely to extend towards next projections at 152.80 and 153.60. 

Only if the pair breaks recent pivot low near 148.80 would there be risk of a larger down move.