Societe Generale predicts serious reversal in the currency market for USD/JPY

According to strategists from the bank in USD/JPY there is a hint of an impending correction of the pair. This is confirmed by the monthly and daily indications. They make bank analysts to think that after a year of decline couple prepares for serious turn.

Despite the fact that the long term downtrend remains in effect, in the short term they see upside risks to reach the USD/JPY to 108.70 and then to 110.40-111.00 yen.

Support is currently located at 106-105.20 yen, which may mean that there is potential to reduce to 101-100 yen (lows from 1999/2005, and the peaks of 2009).