FX.co ★ USD/JPY analysis for July 12, 2023 - Sellers in control

Technical analysis:

USD/JPY has been trading downside as I expected and I still see strong momentum and potential for the further downside movement.

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

Downside objectives are set at the price of 138.60 and 137.50

MACD oscillator is showing fresh downside monument, which is good sign for the further downside movement.

Key resistance is set at the price of 144.90