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USD/JPY: Resistance under test as breakout advances – Societe Generale
USD/JPY is above 160 for a second day, Societe Generale’s Kenneth Broux and colleagues note. Having broken out of its recent consolidation, the pair has moved back above its 200-day moving average. Key resistance lies around 160.40/160.70 and 162.20, while support sits near 158.70.
160: USD/JPY challenges multi-year highs
"USD/JPY witnessed a sharp rebound in September and evolved within a narrow consolidation. It has now broken out above the upper limit of this rang denoting possibility of extension in bounce. The next potential hurdles could be located at April high of 160.40/160.70 and projections near 162.20."
"The pair has reclaimed the 200-DMA. If a short-term pullback develops, the moving average at 158.70 could be an important support."
"USD/JPY: 159.66 - 160.19 overnight range. Spot trades through 160 for second day before traders pare back on warning by FinMin Katayama one-sided action and rapid forex moves. Support 158.70, resistance 160.70."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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