FX.co ★ USD/JPY analysis for July 11, 2023 - Strong downside momentum

Technical analysis:

USD/JPY has been trading downside and I found the breakout of the rising channel, which is good sign for the further downside movement.

Due to the breakout of the rising channel and the strong downside momentum, I see potential for the further drop towards lower rerefences.

Downside objective is set at the price of 138.60

MACD oscillator is showing fresh downside momentum, which is good confirmation for the further drop....

Key resistance is set at the price of 144.85