Societe Generale Research discusses USDJPY technical outlook.

"USD/JPY has staged a steady up move after defending a multi-month ascending trend line near 155.50/155 (now at 157). The pair is now challenging the peak of April around 160.70/161.20, which is an interim hurdle. A short-term pullback is likely, the trend line near 157 is an important support," SocGen notes.

"A cross above 160.70/161.20 will be crucial for confirming an extension of the up move. In such a scenario, the next objectives could be located at 2024 high of 162 and projections near 163.70," SocGen adds.