FX.co ★ USD/JPY analysis for June 07, 2023 - Potential for the further drop

Technical analysis:

USD/JPY has been trading downside as I expected but there is still potential for the further drop towards lower references. USD/JPY is making lower highs and lower lows, which is good sign that sellers are in control.

Due to the failed test of the high and downside channel, I see potential for the further rop towards lower references.

Downside objective is set at the price of 138.10

MACD oscillator is showing negative reading, which is good sign for the further downside movement.

Resistance is set at the price of 140.30