FX.co ★ USD/JPY analysis for October 16, 2023 - Key pivot on the test

Technical analysis:

USD/JPY has been trading sideways at the price of 149.50 and there is potential for the breakout play.

In case of the breakout of the resistance level 149.65 and hold above, I see potential for the further rally towards 149.90 and 150.20

In case of the downside breakout of the support level at 149.37 and hold below, there is the chance for the drop towards 149.00

RSI oscillator is in the neutral position around 50 level, which is another confirmation fo the neutral market.