FX.co - USD/JPY analysis for July 17, 2023 - Potential for the further downside continuation

2023-07-17T08:28:17

Relevance until2023-07-18

Technical analysis:

USD/JPY analysis for July 17, 2023 - Potential for the further downside continuation

USD/JPY has been trading sideways this morning but I see potential for the downside continuation since there is lack of buying power.

Due to the lack of buyers and strong short-term downside condition, I see potential for the further drop towards 137.40

Downside objective is set at the price of 137.40

MACD oscillator is showing fresh downside momentum and lack of buyers, which is good sign for teh further downside movement.

Key resistance is set at the price of 139.10

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/JPY analysis for July 17, 2023 - Potential for the further downside continuation