The US Dollar started a steady upward move above the 123.00 resistance against the Japanese Yen. The USD/JPY pair traded above the 123.20 level to move into a bullish zone.
The pair even traded above 123.80 and settled above the 50 hourly simple moving average. A high is formed near 124.04 and the pair is now consolidating gains. An immediate support is near 123.80 and a connecting bullish trend line on the hourly chart.
The next major support sits near the 123.20 level, below which there is a risk of more downsides. In the stated case, the pair could decline towards the 123.00 level.
On the upside, an immediate resistance is near the 124.00 level. A clear break above the 124.00 resistance could push the price towards 124.40 on FXOpen. The next major resistance is near the 124.80 level or 125.00.
