USD/JPY holds above 50-DMA, eyes 151.20 resistance – Société Générale

USD/JPY is consolidating after rebounding from key trend line support and reclaiming the 50-day moving average, with focus now on the 150.90/151.20 resistance zone, Société Générale's FX analysts note.

USD/JPY consolidates gains, focus on 150.90/151.20

"USD/JPY rebounded after testing multi-month trend line support at 145.70/145.40. The pair recently surpassed the 50-day moving average (now at 147.70) and established an interim high near 150. A brief pullback is underway; however, holding above the 50-DMA (147.70) will be key."

"If the pair defends the moving average, the up move may extend towards the upper end of the range since March at 150.90/151.20; this is an important resistance zone."