FX.co ★ USD/JPY analysis for October 12 2022 - Strong growth and potential test of major high at 147.80

Technical analysis:

USD/JPY has been trading upside as I expected and the price is on the way to test major upside objectives. Anyway, I see potential for further upside movement due to the strong upside momentum.

Trading recommendation:

Due to the strong upside pressure in the background and breakout of the multi week balance in the background, I see further rally.

Watch for the potential buying opportunities on the intraday dips with the upside objective at the price of 147 and 147.80.

MACD oscillator is showing fresh upside momentum, which is strong sign that buyers are in control.

Key support is set at the price of 146.00