FX.co ★ USD/JPY analysis for September 08, 2023 - Selling climax in the background

Technical analysis:

USD/JPY has been trading downside overnight and I found selling climax and strong reaction from buyers, which is good sign for the potetnial higher prices.

Due to the massive selling climax this morning and potetnial completion of the downside correction, I see potential for the further rally towards upside reference.

Upside objective is set at the price of 147.80

MACD oscillator is showing bullish divergence, which is another confirmation for the further upside movement.

Key support is set at the price of 147