FX.co ★ USD/JPY analysis for October 17 2022 - Strong buying pressure and potential for bigger growth towards 158

Technical analysis:

USD/JPY has been trading upside as I expected and the price is heading towards upside references. Buyers are still in control and there is potential for bigger growth.

Trading recommendation:

Due to the strong upside pressure in the background and tight consolidation, I see further upside movement.

Watch for the potential buying opportunities on the intraday dips with the upside objectives at the price of 150.00 and 158

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

Key support is set at the price of 148.40