USD/JPY: 125.85/124.00 could be next significant support zone – SocGen

USD/JPY accelerates the downfall to 128.00. The pair could dive as low as 124.00, economists at Société Générale report. 

Channel at 134/134.80 should cap short-term upside

“Daily MACD has flattened recently however signals of an extended bounce are not yet visible.”

“The pair is likely to drift towards next projections at 128 and 126.80. Peak of 2015 near 125.85/124.00 could be the next significant support zone.”

“The channel at 134/134.80 should cap short-term upside.” 

See: USD/JPY looks set to challenge the 126.50 mark – ING