USD/JPY extends rebound from Thursday’s low of 149.21. Economists at  Société Générale analyze the pair’s outlook.

A revisit of last year’s high near 152.00 is on the cards

USD/JPY recently crossed above both 50-DMA and 200-DMA resulting in extension of its bounce. It has experienced a brief pause recently.

Daily MACD has turned flat but remains anchored in positive territory denoting prevalence of upward momentum. 

A revisit of last year’s high near 152.00 can’t be ruled out. If this is overcome, a larger uptrend is likely towards next projections at 154.50/155.00. 

The 200-DMA near 146.00 is crucial support near term.