FX.co ★ USD/JPY analysis for October 27, 2023 - Key support on the test

Technical analysis:

USD/JPY has been trading downside but the key support area at the price of 150.00 is on the test and there is potential for the rejection.

Due to the potential exhaustion to the downside and the test of the key support, there is the chance for the rally and rejection towards upside reference.

Upside objective is set at the price of 150.40

RSI oscillator is showing positive reversals and rejection of the 40 level, which is good sign for the potential rally.

Key support is set at the price of 150.00