Societe Generale's Kenneth Broux highlighted a sharp pullback in the USD/JPY pair, which broke key graphical support at 155 and is now trading below its 200-day moving average.
The bank flags resistance near 156.25 and downside objectives at 152.00/151.60 and 149.50.
Broux stressed that positioning, momentum, and technicals are driving the Japanese Yen's revival, rather than a repeat of 2024's volatility episode.
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