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USD/JPY pulls back after 157.90 rejection – Société Générale
Table of Contents
Key Takeaways (30s Read)
USD/JPY pulls back after rejection near 157.90, remaining supported above the 50-day moving average.
Current Situation of USD/JPY
USD/JPY has pulled back from a strong resistance level at 157.90, which has shown significant selling pressure, leading to a retreat. However, it remains supported above the 50-day moving average, which serves as a key buying indicator.Price Action Likely Rangebound
In the near term, price action is expected to stay rangebound unless there is a clear break above 156.95, which could trigger renewed upside momentum. According to Société Générale's FX analysts, future moves will largely depend on this level. Until then, the price is likely to trade within a range.Conclusion
Considering the current dynamics, USD/JPY needs to break crucial resistance to gain upward momentum. If it can surpass 156.95, chances of revisiting 157.90 improve, but until that happens, movements are anticipated to remain within the range of 156.90 to 157.90.AI Analyst
AI Opinion
"The recent movements of USD/JPY are noteworthy in technical analysis. The rejection at 157.90 suggests strong resistance, warranting caution from traders. While remaining above the 50-day moving average is a positive indicator, without surpassing 156.95, a directionless price action is expected. Therefore, traders must monitor this level while considering the potential volatility on either side to strategize effectively. Overall, a cautious approach is advised considering these factors."
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