USD/JPY: June’s high of 144.50/145 expected to be an important hurdle – SocGen

USD/JPY trades at multi-week highs. Economists at Société Générale analyze the pair’s technical outlook.

Defence of 140.20 crucial for persistence in up-move

USD/JPY has defended the key support zone of 138/137 representing the upper part of the previous consolidation and the 200-DMA second time within a month. A short-term bounce is taking shape. June’s high of 144.50/145 is expected to be an important hurdle.  

Defence of 140.20, the 50% retracement of the recent bounce would be crucial for persistence in the up-move.