USD/JPY is retreating after failing to hold above the 200-DMA, with downside risks pointing toward 144.40 and potentially 142.10 if weakness persists, Société Générale's FX analysts note.
Failure above 200-DMA signals weak momentum
"USD/JPY has retracted after facing interim resistance near 150.90 earlier this month. It failed to establish above the 200-DMA (now at 149.30) highlighting a lack of steady upward momentum. Holding below this MA, there is a risk of continuation in decline."
"A short-term down move towards an ascending trend line drawn since April at 144.40 is likely. The May low of 142.10 is an important support."
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