USD/JPY to head higher towards last year high of 152.00 – SocGen

USD/JPY is approaching the 2023 high of 152.00. Economists at Société Générale analyze the pair’s technical outlook. 

146.00/145.50 is a crucial support zone

USD/JPY defended the trend line drawn since 2022 at 140.20 resulting in a sharp rebound. It recently crossed above both 50-DMA and 200-DMA. Confluence of those MAs near 146.00/145.50 is a crucial support zone.  

The pair is expected to head higher towards last year high of 152.00. If this is overcome, a larger uptrend can’t be ruled out towards next projections at 154.50/155.00.