USD/JPY poised to head towards 116 - SocGen

Analysts at Societe Generale notes that the USD/JPY has accelerated the up move after confirming a double bottom formed at key graphical levels of 100.

Key Quotes

“The pair looks poised to head towards projected potential of the pattern and graphical levels at 116. Short term retracement, if any, should be cushioned at daily channel drawn since June near 109.”

“Daily stochastic indicators are a bit overstretched however signs of retracement are still awaited. If bullish momentum persists, next target will be at 119.50, the 76.4% retracement of whole downtrend from June 2015 highs.”