FX.co ★ USD/JPY analysis for October 06 2022 - First objective has been met, potential for another breakout

Technical analysis:

USD/JPY has been trading upside as I expected and the price reached my first upside objective at 144.89. Anyway, I still see potential for the upside movement in if the price breaks another triangle pattern.

Trading recommendation:

Due to the sideways market and triangle pattern in creation, watch for potential breakout to the upside to confirm further rally.

In case of the upside breakout of the triangle pattern, watch for buying opportunities with teh upside objective at 145.25

MACD oscillator is showing upside reading, which is sign that buyers are still in control.

Key support is set at the price of 144.35