FX.co ★ USD/JPY analysis for August 16, 2022 - Breakout of the mini bullish flag pattern

Technical analysis:

USD/JPY has been trading upside this morning and I found the breakout of the mini channel, which is good sign for further upside movement.

Trading recommendation:

Due to the breakout of the mini bullish flag pattern, I see further rally towards next upside reference points.

Watch for potential buying opportunities on the intraday dips with the upside objectives at 135.40 and 137.40.

MACD oscillator is showing bullish reading and start of the new up momentum.

Key support is set at the price of 132.60