USD/JPY: Phase of rebound could extend towards 150.20 and last year high of 152.00 – SocGen

USD/JPY advances on Thursday. Economists at Société Générale analyze the pair’s outlook.

Only a move below 145.90/145.50 would confirm a deeper pullback

USD/JPY has evolved within a brief pause since last month and is close to interim projections at 149.10/149.60. The 50-DMA near 145.90/145.50 remains an important support zone. 

Daily MACD is situated in positive territory, but it has turned flat denoting narrowing of price action. 

Once the pair breaks out from recent consolidation zone, the phase of rebound could extend towards next potential hurdles at 150.20 and last year high of 152.00. 

Only a move below 145.90/145.50 would confirm a deeper pullback.