USD/JPY eyes key 148 resistance – Société Générale

USD/JPY has rebounded after defending its May low of 142.10, with daily MACD momentum turning positive and suggesting a recovery phase. The pair may now test the critical resistance zone at 148/148.65, while 144.20 serves as nearby support, Société Générale's FX analysts note.

Bounce from 142.10 sparks upturn

"USD/JPY defended May low of 142.10 recently and has staged a brief bounce. Daily MACD has entered positive territory highlighting regaining upward momentum. The pair has evolved within a base and may revisit the upper limit of 148/148.65; this is a crucial resistance zone."

"It will be interesting to see if USD/JPY can establish itself above this hurdle. The trough achieved earlier this week at 144.20 is a short-term support."