FX.co ★ USD/JPY analysis for April 06, 2023 - Potential for the rally

Technical analysis:

USD/JPY has been trading upside this morning and I found breakout of the supply trend line, which is good sign for the further rally.

Due to the breakout of the mini downside channel in the background, I see potential for the further rally towards upper reference.

Upside objectives are set at the price of 131.80 and 132.20

Both MACD and Stochastic oscillators are showing bullish divergence, which is another good confirmation for the further rally.

Key intraday support is set at the price of 130.80