USD/JPY struggles to maintain upward momentum, with a failure at key resistance and dangers constructing for a deeper pullback towards 140 and under, Société Générale’s FX analysts observe.
Downtrend could lengthen
“USD/JPY up transfer has up to now remained wanting the hurdle of 146.50 representing March low and the 50-DMA. It has breached the channel that encompassed current bounce denoting a scarcity of regular upward momentum.”
“Latest pivot low of 142 is subsequent vital help. In case the pair fails to defend it, the section of downtrend could lengthen. Subsequent goals could possibly be situated at 140/139.50 and projection of 136.50.”
