FX.co ★ USD/JPY analysis for February 28, 2023 - Potential for the bigger uspide movement

Technical analysis:

USD/JPY has been trading in upside this morning and I found the breakout of the tight sideways range, which is good confirmation for the further upside movement.

Due to the strong upside momentum and the bullish trend in place, I see potential for the further upside continuation towards upside references.

Fibonacci upside objectives are set at 137.10 and 137.90

Stochastic and MACD oscillators are showing fresh bull cross, which is another good sign for the further upside movement.

Key support is set at the price of 136.40-136.50