FX.co ★ USD/JPY analysis for May 19, 2022 - Potential for bigger rally

Technical analysis:

USD/JPY has been trading downside in the background but I found that there is the oversold condition and potential for the rally. Upside opportunities will be preferable.

Trading recommendation:

Due to the oversold condition and bullish divergence in the momentum, I see potential for the further rally.

Watch for potential buying opportunities on the intraday pullbacks with the upside objectives at 128.95 and 129.45.

Stochastic is showing oversold condition and fresh bull cross, which is sign for the further rally.

Key support is set at 127.55