FX.co ★ USD/JPY analysis for June 16, 2023 - Downside movement in the play

Technical analysis:

USD/JPY has been trading upside this morning but I see that we got rejection of the resistance at 141.30, which is good sign for the downside movement.

Due to the potential fake breakout of the consolidation in the background and rejection of the resistance, I see potential for the downside movement towards lower references.

Downside objective is set at the price of 139.90

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

Key resistance level is set at the price of 141.30