USD/JPY: Beyond 141.50, next potential hurdles are at 142.50/142.80 – SocGen

Yen is broadly offered. Economists at Société Générale analyze USD/JPY technical outlook.

An initial pullback is not ruled out

USD/JPY has faced interim resistance near the upper end of a multi-month channel at 141.50. An initial pullback is not ruled out however the 200-DMA and the upper band of the previous consolidation near 138/137.20 is expected to provide support. Defending this can lead to continuation in up move. 

Beyond the 141.50 mark, next potential hurdles are at 142.50/142.80, the 61.8% retracement from last year.