FX.co ★ USD/JPY analysis for November 01, 2022 - Breakout of the rising wedge pattern in the background

Technical analysis:

USD/JPY has been trading downside and I found the breakout of the rising wedge in the background, which is sign that sellers are in control and that we might see further drop.

Trading recommendation:

Due to the breakout of the rising wedge pattern in the background, IO see potential for the further drop.

Watch for the potential selling opportunities on the intraday rallies with the downside objective at the price of 145.20.

MACD oscillator is showing fresh downside momentum, which is sign that sellers are taking control over buyers.

Key resistance is set at the price of 148.85