FX.co ★ USD/JPY analysis for April 07, 2023 - First upside objective has been reached, potential for the further rally

Technical analysis:

USD/JPY has been trading upside as I expected and the price has reached first objective at 132.00 level. Anyway, due to the strong upside momentum I see potential for the further rally.

Due to the breakout of the mini downside channel in the background, I see potential for the further rally towards upper reference.

Next upside objective is set at the price of 133.10

Both MACD and Stochastic oscillators are showing bullish reading, which is another good confirmation for the further rally.

Key support is set at the price of 130.80