FX.co ★ USD/JPY analysis for July 13, 2023 - First downside objctive has been reached, potential for the further downside movement

Technical analysis:

USD/JPY has been trading downside and the first downside objective has been reached at the price 138.60. I still see potential for the further downside movement.

Due to the strong downside momentum and no signs for the reversal, I still see potential for the further drop towards lower reference.

Next downside objective is set at the price of 137.50

MACD oscillator is showing fresh downside momentum, which is another confirmation for the strong selling power.

Resistance is set t the price of 144.65