FX.co ★ USD/JPY analysis for August 31, 2023 - Potential for the downside movement

Technical analysis:

USD/JPY has been trading sideways at the price of 145.80 but I see potential for the further downside movement towards lower reference.

Due to the fake breakout of the resistance in the background and the lower highs in last few days, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 144.65

MACD oscillator is showing fresh downside momentum in the background, which is good sign for the further growth.

Intraday resistance is set at the price of 146.05