Research Team at Societe Generale, suggests that after confirming a broad head-and-shoulders formation, USD/JPY has accelerated downwards. Key Quotes “The projected target for the pattern stands at 106. However, in the short term, the pair is set to close in on intermittent support at 110/109, the September 2014 highs, the 61.8% retracement from 2014 lows and an ascending trendline drawn since August 2013. The daily RSI is approaching a floor, suggesting the possibility of a short-term pause. The neckline at 116 provides important resistance in the near term.” For more information, read our latest forex news.