The US Dollar started a fresh decline from well above the 148.00 zone against the Japanese Yen. The USD/JPY pair traded below the 146.50 level to move into a short-term bearish zone.
The pair traded as low as 145.19 and is currently consolidating losses. An immediate resistance on the upside is near the 145.95 level and a connecting bearish trend line on the hourly chart.
The next major resistance is near 146.40 on FXOpen. A clear break above the 146.40 resistance could push the price towards 147.20 and the 50 hourly simple moving average. The next major resistance is near the 148.00 level.
On the downside, an initial support is near the 145.20 zone and the recent low. The next major support sits near the 145.00 level, below which there is a risk of more downsides towards the 144.20 level.
