USD/JPY: Possibility of consolidation lower - SocGen

FXStreet (Bali) - According to Societe Generale FX Technical Analysts, the USD/JPY chart suggests the possibility of a consolidation lower towards last month lows of 115.50 and probably even 113.50.

Key Quotes

"After an accelerated up move, USD/JPY has given a break below an upward channel and a formation similar to a triangle."

"This indicates possibility of a consolidation lower towards last month lows of 115.50 and probably even 113.50. Only a move above 121 will reassert the uptrend. 118.20/05 will be an immediate support."