#USDJPY @ 132.362 : 200DMA at 136.50 could cap the bounce – SocGen
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USD/JPY’s downward momentum has got arrested after forming a trough near 129.50. The 200-Day Moving Average (DMA) near 136.50 could provide resistance, economists at Société Générale report.
“Holding above 129.50, a short-term up move is not ruled out towards the 200DMA at 136.50; this could cap the upside.”
“December high of 138/138.80 could be an important resistance zone. Failure to reclaim 138.50/139.00 would mean risk of continuation in downtrend.”
“Below 129.50, next potential supports are located at projections of 128 and peak of 2015 near 125.85/124.00.”
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