Economists at Société Générale analyze USD/JPY technical outlook.

Defending 138/137.20 an lead to continuation in up move

“USD/JPY broke out above the upper end of its range since December and has achieved the earlier highlighted target of 140.30 representing projections. An initial pullback is not ruled out however the 200-DMA near 138/137.20 should be an important support zone. Defending this can lead to continuation in up move.”

“Beyond 140.30, next potential hurdles are located at the upper limit of a multi-month channel near 141.60 and 142.50/142.80