The US Dollar started a strong increase from the 107.0 support zone against the Japanese Yen. The USD/JPY pair cleared the 107.50 and 108.00 resistance levels to move further into a positive zone.
It even surpassed the 109.00 resistance and settled above the 50 hourly simple moving average. A high was formed near 109.22 before the pair corrected lower. There was a break below a connecting bullish trend line with support near 109.08 on the hourly chart.
The pair tested the 108.50 support and it is now back above the 50 hourly simple moving average. An immediate resistance is near the 109.00 level, above which the pair could accelerate higher above 109.20 on FXOpen.
If there are more downsides, the pair could decline below the 108.50 support. The next major support on the downside is near the 108.20 level.
