USD/JPY: Rebound could extend on a move beyond recent high of 141 – SocGen

Economists at Société Générale analyze USD/JPY technical outlook.

138/137.20 is key support if profit taking crystallizes

USD/JPY has so far defended the graphical levels of 138/137.20 which is also the 200-DMA. It is worth noting that this region had acted as a hurdle since December and is expected to be an intermittent support. Only a break below would denote possibility of a deeper decline.  

In case USD/JPY establishes beyond recent high of 141, the phase of rebound could extend towards 142.50/142.80, the 61.8% retracement from last October and 144.40.