FXStreet (Barcelona) – The Technical Analysis team at Societe Generale, expect a USD/JPY break below 122.20/122 to see additional declines towards 119.60, but the pair needs to hold above 118.20 to main its overall uptrend.
Key Quotes
“USD/JPY has formed a weekly bearish engulfing at the multi-month descending trend line at 126. The monthly stochastic indicator is toppish signalling 126 as a key level.”
“The pair has formed a daily shooting star and the ongoing retracement should continue towards 122.20/122. With daily RSI retracing from a horizontal resistance, a further pullback is not ruled out.”
“A definite break below 122.20/122 will extend the retracement towards 119.60, the 61.8% retracement from the January lows. 118.20 remains a key level for the overall uptrend.”
(Market News Provided by FXstreet)