FX.co ★ USD/JPY analysis for May 04, 2023 - Potential for the further downside movement

Technical analysis:

USD/JPY has been trading downside as I expected and the first upside objective has been reached at 135.00. Anyway, I see potential for the lower prices towards 133.35.

Due to the strong downside momentum and no signs for the reversal, I see potential for the further downside movement towards lower reference.

Next major downside objective is set at the price of 133.35

MACD is showing negative reading, which is sign that sellers are still in control.

Intraday resistance is set at the price of 135.00