USD/JPY hits channel resistance near 159.45 – Société Générale

USD/JPY has met interim resistance near 159.45 at the top of an ascending channel, with a short-term pullback potentially finding support around the 50-day moving average at 156.00-156.60, Société Générale’s FX analysts note.

50-DMA seen as key support on pullbacks

“USD/JPY encountered interim resistance at the upper limit of an ascending channel near 159.45 earlier this month. If a short-term pullback develops, the 50 DMA near 156.60/156.00 could be an important support zone.”

“Defence of the moving average can lead to persistence in the up move. Beyond 159.45, the next objectives could be located at projections of 160.70 and peak of 2024 near 162.”