FX.co - USD/JPY analysis for May 03, 2023 - Potential for the further downside movement

2023-05-03T05:58:00

Relevance until2023-05-04

Technical analysis:

USD/JPY analysis for May 03, 2023 - Potential for the further downside movement

USD/JPY has been trading downside after the breakout of the rising channel in the background. I see potential for the further downside continuation.

Due to the breakout of the rising channel in the background and strong downside momentum, I see potential for the further drop.

Downside objective is set at the price of 135.00

MACD oscillator is showing downside reading, which is another sign for the downside continuation.

Resistance is set at the price of 136.70

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/JPY analysis for May 03, 2023 - Potential for the further downside movement