Societe Generale’s Kenneth Broux describes USD/JPY consolidating after failing again at resistance near 162.80.
The pair is seen in a narrow range, with key support at 160.40 tied to the March peak and upside projections towards 163.70/164.40 if resistance breaks
Short-term moves are linked to rising JGB yields, Oil and GPIF-related headlines. Range trade with upside projections “USD/JPY failed to break above the interim resistance near 162.80 on its second attempt last week.” “However, signals of a large pullback are not yet visible.” “The pair appears to be consolidating within a narrow range.” “Defence of the graphical support at 160.40, which corresponds to the March peak, will be crucial to avert a deeper decline.” “Beyond 162.80, the next objectives could be located at the projections of 163.70/164.40.” Author