FX.co ★ USD/JPY analysis for May 23, 2023 - Breakout of the rising trendline and potential for the downside movement

Technical analysis:

USD/JPY has been trading upside yesterday but I found the fake breakout of the resistance at 138.70 and potential for the downside movement.

Due to fake breakout of the resistance in the background and the breakout of the rising trend-line, I see potential for the further downside movement towards lower references.

Downside objective is set at the price of 137.50

Stochastic oscillator is showing fresh bearish divergence with the potential for the downside movement.

Key resistance is set at the price of 138.80