USD/JPY: Sell the rallies near 112.16/36 – Societe Generale

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.”