FX.co ★ USD/JPY analysis for July 14, 2023 - Breakout of the downside channel and potential for the further rally

Technical analysis:

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

Due to the breakout of the downside channel and strong upside momentum this morning, I see potential for the further rally towards upside references.,

Upisde objectives are set at the price of 139.50 and 140.90

MACD oscillator is showing fresh new upside momentum, which is good confirmation for the further rally.

Key support is set at the price of 137.40