Societe Generale’s Kenneth Broux describes USD/JPY consolidating after failing again at resistance near 162.80. The pair is seen in a narrow range, with key support at 160.40 tied to the March peak and upside projections towards 163.70/164.40 if resistance breaks. Short-term moves are linked to rising JGB yields, Oil and GPIF-related headlines.
Range trade with upside projections
"USD/JPY failed to break above the interim resistance near 162.80 on its second attempt last week."
"However, signals of a large pullback are not yet visible."
"The pair appears to be consolidating within a narrow range."
"Defence of the graphical support at 160.40, which corresponds to the March peak, will be crucial to avert a deeper decline."
"Beyond 162.80, the next objectives could be located at the projections of 163.70/164.40."
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