FX.co ★ USD/JPY analysis for February 17, 2023 - Buyers in control

Technical analysis:

USD/JPY has been trading upside as I erected and there is the chance for the further growth due to the strong upside momentum.

Due to the strong upside momentum and the breakout of the trading range, I see potential for the further growth towards the next reference point.

Upside structural objective is set at the price of 137.30

Stochastic oscillator is showing fresh upside cross, which is sign that buyers are in control.

MACD is showing new fresh momentum, which another sign for the strong demand.

Support level is set at 134.40