USD/JPY holds above 50-DMA, eyes 151.20 resistance – Société Générale
Source Fxstreet
USD/JPY is consolidating after rebounding from key trend line support and reclaiming the 50-day moving average, with focus now on the 150.90/151.20 resistance zone, Société Générale's FX analysts note.
USD/JPY consolidates gains, focus on 150.90/151.20
"USD/JPY rebounded after testing multi-month trend line support at 145.70/145.40. The pair recently surpassed the 50-day moving average (now at 147.70) and established an interim high near 150. A brief pullback is underway; however, holding above the 50-DMA (147.70) will be key."
"If the pair defends the moving average, the up move may extend towards the upper end of the range since March at 150.90/151.20; this is an important resistance zone."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Markets expect Job Openings in August to decline slightly to 7.1 million compared to the previous month's reading of 7.181 million.
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) remain muted as the broader cryptocurrency market recovers.
With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
The US Dollar (USD) stays on the back foot early Tuesday as investors grow increasingly concerned about a possible government shutdown, which could cause a delay in data releases later in the week.
The US Dollar Index (DXY) is remaining subdued for the third successive session and trading around 97.90 during the Asian hours on Tuesday.
Related Instrument
