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HomeContributorsTechnical AnalysisUSD/JPY Outlook: A Major Bearish Trend Line Forming with Resistance Near 115.50

USD/JPY Outlook: A Major Bearish Trend Line Forming with Resistance Near 115.50

FXOpen
By FXOpen

The US Dollar declined below the 115.80 support zone against the Japanese Yen. The USD/JPY pair traded as low as 115.04 and is currently correcting higher.

The pair climbed above the 115.50 resistance, but it faced resistance near the 50 hourly simple moving average. An immediate resistance is near the 115.40 level. There is also a major bearish trend line forming with resistance near 115.50 on the hourly chart.

A clear break above the trend line resistance could pump the price towards 115.80 on FXOpen. The next major resistance is near the 116.20 level.

An initial support on the downside is near the 115.20 level. The next major support sits near the 115.00 level, below which there is a risk of a sharp decline. In the stated case, the pair could decline towards the 114.50 level.

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