USD/JPY: the rebound that started in 2016 is losing momentum (Societe Generale)

"The USD/JPY rebound that started in the 2nd semester of 2016 is weakening near the upper bound of the triangle (107.50/106.50 - 115/116).

The USD/JPY started a strong rebound after testing the multi-year floor at 100/98. Since then, the pair has evolved between two lines of convergent trends at 115/116 and 107.0/106.50, thus forming a potential triangle.

If 107.50/106.50 - which is also the bearish trend line since 2013 - is crossed, the USD/JPY could return to the previous lows at 100/98, with an intermediate support level near 103.40."