FX.co ★ USD/JPY analysis for April 10, 2023 - Potential for the further drop

Technical analysis:

USD/JPY has been trading downside this morning and I found rejection of the upper trend-line, which is good sign for the further downside movement.

Due to the rejection of the 61.8 Fibonacci Retracement and rejection of the trend-line, I see potential for the further drop towards lower references.

Downside objectives are set at the price of 130.90 and 129.75

MACD oscillator is showing bearish reading, which is another good confirmation for the further downside.

Key resistance is set at the price of 132.80