FX.co - Analysis of USD/JPY for May 31, 2023 - Rerversal down day and potential for downside movement

2023-05-31T07:58:19

Relevance until2023-06-01

Technical analysis:

Analysis of USD/JPY for May 31, 2023 - Rerversal down day and potential for downside movement

USD/JPY has been trading downside yesterday and I found the reversal down day at the key resistance at the price of 141.00.

Due to the extended run condition and reversal day from yesterday, I see potential for the downside movement towards downside reference.

Downside objective is set at the price of 138.00

MACD oscillator is showing decreasing in the upside momentum, which is good sign for the further downside movement.

Resistance is set at the price of 141.00

*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 ★ Analysis of USD/JPY for May 31, 2023 - Rerversal down day and potential for downside movement