USD/JPY: Steady uptrend is a bit stretched, achievement of 144.40/145 levels could result in a pause – SocGen

Economists at Société Générale analyze USD/JPY technical outlook.

Last month's high of 141 expected to be a short-term support

USD/JPY gave a break above a large consolidation last month and reclaimed the 200-DMA. This has resulted in a steady uptrend. 

The pair is gradually heading towards next potential hurdles at projections of 144.40/145 and 146.10, the 76.4% retracement from last October. The move is a bit stretched and achievement of these levels could result in a pause. 

If a pullback develops, last month high of 141 is expected to be a short-term support.