The US Dollar started a decent recovery wave from the 114.50 level against the Japanese Yen. The USD/JPY pair traded above the 114.75 level to move into a short-term bullish zone.
The pair even traded above 114.80 and settled above the 50 hourly simple moving average. There was a clear move above a key bearish trend line with resistance near 114.90 on hourly chart. It is now consolidating near the 115.00 level.
An immediate resistance is near 115.25 on FXOpen. A clear break above the 115.25 resistance could push the price towards 115.50. The next major resistance is near the 115.80 level.
An initial support on the downside is near the 114.85 level and the 50 hourly simple moving average. The next major support sits near the 114.50 level, below which there is a risk of more downsides. In the stated case, the pair could decline towards the 114.10 level.
