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USD/JPY poised to move towards 120/124 – SG

FXStreet (Barcelona) - According to the Analysts at Societe Generale, USD/JPY is accelerating higher after breaking above the channel upper limit and looks poised to move towards 120/124.

Key Quotes

“USD/JPY is accelerating its climb after breaking above the multi-year descending channel and is likely to head towards the 2007 highs of 120/124, as well as the 76.4% retracement (log scale) from the 2002 highs and a multi-decadal trend line.”

“Indicators are overstretched, but only a break below 114/113 will indicate the possibility of a retracement.”

“Monthly RSI is overstretched, however there are no signs of a reversal. As can be seen in the weekly chart, 124 happens to be the upper limit of an ascending channel since 2012 and is therefore a decisive level for the next leg of the uptrend. Pullback, if any, should be limited to 114/113.”

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