Societe Generale reports on the recent movements in USD/JPY, highlighting a V-shaped rebound and the importance of key support and resistance levels. The analysis indicates that the currency pair is regaining upward momentum and is challenging the 50-DMA. The report emphasizes the significance of defending the recent low for continued bullish sentiment.

Key levels for USD/JPY

"USD/JPY recently slipped towards the lower limit of a multi-month ascending channel near 152, triggering a V-shaped rebound. It has filled the recent downside gap and is now challenging the 50-DMA. This highlights upward momentum is regaining."

"The next hurdles are located at November high of 157.40/157.90. Defence of the low achieved earlier this week at 154.50 would be crucial for persistence in bounce."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)