USD/JPY has confirmed a bullish breakout, reclaiming the 200-day moving average and signaling renewed upward momentum. With key support at 147.50 holding firm, the pair now sets its sights on the March high at 151.20 and further upside toward 153.10, Société Générale's FX analysts note.
USD/JPY reclaims 200-DMA, upside momentum builds
"USD/JPY has broken out of a base formation in the shape of an ascending triangle, signaling potential for further upside. The pair has reclaimed the 200-DMA for the first time since February, underscoring a renewed upward momentum."
"If USD/JPY sustains above the MA, the rebound phase is likely to continue. The low reached earlier this week near 147.50 serves as a key support in the event of a deeper pullback. On the upside, the next objectives are the March high at 151.20 and a projection near 153.10."
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