Analysts at Societe Generale offer key technical levels for trading the USD/JPY pair in the near-term.
Key Quotes:
“USD/JPY: multi-month trend at 112/112.16 should be an immediate hurdle
USD/JPY has hit an interim hurdle at 113.25/113.38, the 61.8% retracement from last year highs. This remains an important resistance.
The pair has breached a multi-month trend and approached towards 109.90.
Currently, a recovery is being witnessed however high formed earlier in August at 112.16/36 should cap it.
Resistance levels: 112.36, 112.63, 112.90.
Support: 110.50, 110.90.”
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