USD/JPY: Upside risks with intervention watch – Societe Generale
Societe Generale analysts highlight that USD/JPY has reclaimed its 50‑DMA and is breaking above its multi‑year range, pointing to further upside toward 162.00 and the 163.20/163.70 channel top. They stress 158.00 as key support and note investors are on intervention after the first weekly close above 160 and warnings of ‘decisive measures’.
Upside trend meets intervention risk
"USD/JPY reclaimed its 50‑DMA earlier this month and is now breaking above the upper end of its multi‑year range, signalling the potential for further upside."
"If a brief pullback occurs, last week’s low near 158 could serve as an important support."
"Defence of this support may lead to persistence of the uptrend."
"The next objectives could be located near the 2024 peak around 162, followed by the upper boundary of an ascending channel at 163.20/163.70."
"Investors are on intervention in USD/JPY following Friday’s close above 160 and the warning by FX diplomat Mimura that ‘decisive measures’ may soon be required."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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