USD/JPY eyes breakout above recent range – Société Générale

USD/JPY continues to consolidate above its 50-day moving average, keeping upward momentum intact as the pair attempts to break out of its trading range formed since November, Société Générale's FX analysts note.

JPY pair holds key support near 156

"USD/JPY has been consolidating within a base since November while successfully holding above the 50-DMA, underscoring the persistence of upward momentum. The pair is now attempting a breakout above the upper boundary of its recent range."

"Defense of the moving average near 156 could lead to extension in uptrend. The next objectives could be located at last year’s peak of 158.90/159.10 and projections near 160.70."

Jan 12, 2026

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