USD/JPY: Next potential hurdles are located at 149.20 and 150.30 – SocGen

USD/JPY has risen above 148. Economists at Société Générale analyze the pair’s technical outlook.

Break below 145.90 crucial to affirm a short-term down move

USD/JPY has staged recent leg of uptrend within two converging lines resembling a rising wedge; the pattern generally denotes receding upward momentum. This is also highlighted by daily MACD which has turned flat. However, signals of reversal in price action are not yet visible. 

A break below recent pivot low at 145.90 is crucial to affirm a short-term down move. 

Next potential hurdles are located at projections of 149.20 and 150.30.