- Societe Generale (based on Bloomberg)
USD/JPY is still in a correction phase after a sharp rally on Friday. The immediate support is at 118.39, followed by a dense demand area at 118, where the monthly PP coincides with the 23.6% Fibo. The positive bias is reinforced by the daily and weekly studies, as there are more indicators pointing up than down, though the monthly signals are still mixed. Nevertheless, the Buck should be able to reach the monthly R1 at 120 in the next few days.