USDJPY has recently had a difficult time breaking above the upper end of a channel on the daily chart near 150.00/152.00. Economists at Société Générale report that the pair could take a short-term breather while below this zone.
142 and 140.30/139.40 are important short-term support levels
“The monthly MACD histogram has posted multi-year highs and the same indicator on the daily timeframe has posted a negative divergence. These developments denote that the movement has stretched and a short-term pause is expected.”
“Projections near 142 and the daily channel lower band at 140.30/139.40 are important support levels short term. The defense of this channel could signal the continuation of the uptrend.”
“Once the pair recovers the high of 152.00, a further leg of upward movement is not ruled out. In this stage, 153.50 and 1990 levels close to 160.00 could be the next potential resistors.”
Source: Fx Street
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