USD/JPY eyes breakout above recent range – Société Générale
|USD/JPY continues to consolidate above its 50-day moving average, keeping upward momentum intact as the pair attempts to break out of its trading range formed since November, Société Générale's FX analysts note.
JPY pair holds key support near 156
"USD/JPY has been consolidating within a base since November while successfully holding above the 50-DMA, underscoring the persistence of upward momentum. The pair is now attempting a breakout above the upper boundary of its recent range."
"Defense of the moving average near 156 could lead to extension in uptrend. The next objectives could be located at last year’s peak of 158.90/159.10 and projections near 160.70."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.