FX.co ★ USD/JPY analysis for May 24, 2023 - Key resistance cluster on the test

Technical analysis:

USD/JPY has been trading sideways at the price of 138.63 but I found rejection of the key resistance cluster at 138.90, which is good sign for the further downside movement.

Due to the rejection of the key resistance and short-term overbought condition, I see potential for the downside movement towards lower references.

Downside objcevtive is set at hte price of 137.55

RSI oscillator is showing overbought condition....

Key resistance is set at the price of 138.90