USD/JPY needs to erode the 110.45 mark to enjoy further gains – SocGen

USD/JPY is virtually flat for the week following a rebound from the 109.11 low on Wednesday. Economists Société Générale expect a break of either 108.72 or 110.45 to see the next direction leg established.

Sideways price action 

“USD/JPY has experienced a directionless price action since July.”

“Low formed in August at 108.72 is crucial support.”

“Break above recent high of 110.45 is essential to affirm an extended up-move.”