FX.co ★ USD/JPY analysis for March 06, 2023 - Potential for the bigger uspide movement

Technical analysis:

USD/JPY has been trading upside from the beginning of the European session and I found the rejection of the important support zone at 135.40.

Due to the longer term upside trend and the rejection fo the key Fibonacci support in the background, I see potential for the further upside movement towards upper reference points.

Upside objectives are set at the price of 136.50 and 137.15

Stochastic oscillator is showing bullish divergence and fresh bull cross, which is good sign for the further upside movement.

MACD is showing bull cross....

Key support is set at the price of 135.40-135.00