FX.co ★ USD/JPY analysis for June 06, 2023 - Rejection of the key resistance cluster and potential for the further drop

Technical analysis:

USD/JPY has been trading downside after the rejection of the key resistance cluster at the price of 140.30. I see potential for the downside movement.

Due to the rejection of the key resistance cluster and downside momentum, I see potential for the further drop.

Downside objectives are set at the price of 138.20 and 136.75

RSI oscillator is showing oversold condition, which is good sign for the further upside movement.

Resistance cluster is set at the price of 140.30-140.60