FX.co ★ USD/JPY analysis for December 19, 2023 - Strong upside pressure and potential for the further rally

Technical analysis:

USD/JPY has been trading upside this morning and I found strong rejection of the support at 142.50 after the BOJ Press Conference, which is good sign for the further rally.

Due to the rejection of strong support and the upside momentum, I see potential for the further rally towards next upside references.

Upside objectives are set at the price of 144.80 and 145.20

RSI oscillator is showing upside reading above 70 and no signs for the reversal, which is good sign for the further rally.

Key support is set at the price of 142.50