USD/JPY: Uptrend resumes toward 2024 highs – Societe Generale

FXStreet Insights Team FXStreet

Societe Generale analysts observe that USD/JPY has formed a small base above its 50‑day moving average after an earlier failed breakout. The pair is again attempting to break out of its multi‑year range, with the 2024 high near 162 and projections around 163.20/163.70 as key hurdles, while the 50‑day moving average near 158/157.50 remains crucial support.

Pair re-tests multi-year range highs

"USD/JPY attempted a breakout above the upper boundary of its multi‑year range, but the move lacked follow‑through. This led to the formation of a small base above the 50‑DMA."

"The pair is now once again attempting to break out from this range, suggesting that the uptrend may be resuming. The 2024 high near 162 and projection around 163.20/163.70 represent the next hurdles. The 50‑DMA near 158/157.50 remains a key support zone."

"Support 158.50, resistance 160.50"

"Fourth day of higher highs lifts spot towards 160.00, on alert for spot checks in NY. FinMin Katayama warns of decisive action to curb speculative activity."

"Japan FinMin Katayama reiterates readiness for bold FX intervention, can take decisive, strong action against speculative activities based on agreement with US."

"CPI rose to 1.5% yoy in March from 1.3% in February. Core up 1.8% vs 1.6%, yet to reflect oil price surge."

"Japan to start second round of crude oil releases from national reserves from May 1."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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