FX.co ★ USD/JPY analysis for July 18, 2023 - Exhaustion of sellers and upside momentum

Technical analysis:

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

Due to the exhaustion of the sellers and the upside breakout of the channel, i see potential for the further growth towards upside references.

Upside objectives are set at the price of 145.61, 145.86 and 146.20

Stochastic oscillator is showing oversold condition and fresh bull cross, which is good confirmation for the further rally.

Key support is set at the price of 145.10