USD/JPY: Low achieved last month at 146.50/145.80 is first support – Societe Generale

USD/JPY rebound petered out at the 200-DMA near 151.30/151.60 last month, Societe Generale's FX analysts report.

Next potential objectives can be located at of 145 and 143.70

"It broke the short-term ascending channel confirming resumption of decline. Low achieved last month at 146.50/145.80 is first support. A brief bounce can’t be ruled out. However, if the pair fails to overcome recent pivot high of 150.50, the phase of correction could extend. Below 146.50/145.80, next potential objectives could be located at projections of 145 and 143.70."