#USDJPY @ 134.033 to extend its slide on failure to defend support at 130.40 – SocGen
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USD/JPY is approaching potential support zone at 132.50/130.40. The downtrend could extend on failure to hold this support, economists at Société Générale report.
“The pair is fast approaching its next potential support of 132.50, representing the 38.2% retracement of the whole uptrend since 2020. The low formed in August at 130.40 is an important support level. A test of this support could result in a short-term bounce; however, a graphical level at 145 could contain upside.”
“If the pair fails to defend support at 130.40, the downtrend is likely to extend towards 127.30 and 2015 levels of 125.85/124.00.”
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