The US Dollar started a fresh decline from well above 131.20 against the Japanese Yen. The USD/JPY pair traded below the 130.00 support zone to move into a bearish zone.
The pair even traded below the 128.20 support and the 50 hourly simple moving average. It tested the 126.40 support zone and is currently correcting higher. On the upside, an immediate resistance is near the 127.15 level.
The first major resistance near the 128.00 zone and a trend line on the hourly chart. A clear break above the 128.00 resistance could push the price towards 128.80. The next major resistance is near the 130.00 level.
On the downside, an initial support is 126.75 on FXOpen. The next major support sits near the 126.40 level, below which there is a risk of more downsides towards the 125.00 level.
