USD/JPY has been undergoing a relentless up move – SocGen

Research Team at Societe Generale, notes that the USD/JPY has been undergoing a relentless up move after confirming a double bottom and has crossed above previous highs of 112/111.40. 

Key Quotes

“Very short term, the pair is inching higher within a steep ascending channel and is likely to head towards next projection at 113.65/114. Daily indicators are clearly overstretched however signs of a pullback are still lacking. Projected potential of the double bottom at 116 is likely to be a significant hurdle.”