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HomeContributorsTechnical AnalysisUSD/JPY Pair Is Now Correcting Lower From The 114.20 High

USD/JPY Pair Is Now Correcting Lower From The 114.20 High

FXOpen
By FXOpen

The US Dollar started a fresh increase from the 113.10 zone against the Japanese Yen. The USD/JPY pair broke the key 113.40 resistance zone to move into a positive zone.

The pair even broke the 113.65 resistance and settled above the 50 hourly simple moving average. A high was formed near 114.20 and it is now correcting lower. An immediate resistance is near the 114.20 level.

The first major resistance is near the 114.40 level, above which the pair could rise steadily. The next major resistance is near the 114.80 level.

An initial support on the downside is near 114.00 on FXOpen. There is also a key bullish trend line forming with support near 113.85 on the hourly chart, below which USD/JPY might drop towards the 113.50 support zone. The next major support sits near the 113.20 level.

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