USD/JPY: Short-term pullback towards 146.30/146 and 145.10 on the cards – SocGen

USD/JPY slips below 149. Economists at Société Générale analyze the pair’s outlook. 

Only a cross above 152 would signal a larger uptrend

USD/JPY has once again struggled to reclaim the high of 2022 near 152 forming double top pattern. 

Daily MACD has been posting negative divergence and has dipped below its trigger line denoting lack of steady upward momentum. 

The pair is now attempting a break below 50-DMA first time since August and is challenging recent pivot low. A short-term pullback can’t be ruled out towards the lower limit of the multi-month channel near 146.30/146 and 145.10. 

Only a cross above 152 would signal a larger uptrend.