Article details
Societe Generale analyst Kenneth Broux highlights that the USD/JPY pair has resumed its upward trajectory after breaking above a multi-month trendline near 157.40 and exiting consolidation. The pair is now approaching the 2024 peak around 162, with critical support levels at 159.65 and 159.10. This development signals a continuation of the bullish trend, driven by technical momentum and key level breaches.
For traders, the USD/JPY movement is significant as it tests major resistance near 162, a level that could confirm the trend's strength or trigger a pullback. Breakouts above 162 may open the door to higher targets, while a failure to hold above 159.10 could invite short-term corrections. The pair's performance will also influence broader forex sentiment, particularly in USD-linked assets.
Market participants should monitor the 162 level closely for confirmation of a sustained bullish phase. A decisive close above this resistance could validate the 2024 peak as a new base for further gains. Conversely, a rejection here might shift focus to support levels below 159.10, offering potential entry points for contrarian traders.
