The US Dollar started a fresh decline from the 105.75 resistance against the Japanese Yen. The USD/JPY pair broke the 105.50 support level to move into a short-term bearish zone.
Moreover, there was a break below a connecting bullish trend line with support near 105.40 on the hourly chart. The pair is now trading below the 105.30 level on FXOpen and the 50 hourly simple moving average.
The next major support is near the 105.20 level, below which the bears could even aim a downside break below the 105.00 support level.
If there is an upside correction, the recent support near 105.40 and the 50 hourly SMA are likely to prevent gains. A clear break above 105.40 and 105.50 is must for more gains. The next major resistance above the 105.50 level is near the 105.80 level.
