USD/JPY has bounced from its August low near 146.20 but remains capped by the 200-day moving average. Failure to clear resistance around 150.90–151.20 would keep downside risks in play, with a break below 146.20 opening the door to a deeper correction, Société Générale's FX analysts note.

Key resistance seen at 150.90–151.20 range top

"USD/JPY has rebounded after establishing an interim low near 146.20 in August. However, it continues to face resistance at the 200-DMA. Should a short-term advance unfold, the upper boundary of the recent range at 150.90/151.20 is likely to be a significant resistance zone."

"Failure to clear this hurdle would suggest a risk of renewed decline. A break below the recent pivot low at 146.20 could trigger a deeper pullback."