The US Dollar started a fresh decline from the 142.25 resistance zone against the Japanese Yen. The USD/JPY pair traded below the 141.20 level to move into a short-term bearish zone.
The pair traded as low as 137.49 and is currently correcting losses below the 50 hourly simple moving average. An immediate resistance on the upside is near the 139.00 level and a connecting bearish trend line on the hourly chart.
The next major resistance is near 139.80 on FXOpen. A clear break above the 139.80 resistance could push the price towards 141.20. The next major resistance is near the 142.00 level.
On the downside, an initial support is near the 138.00 zone. The next major support sits near the 137.50 level, below which there is a risk of more downsides towards the 136.80 level.
