The US Dollar started a strong upward move above the 116.50 resistance against the Japanese Yen. The USD/JPY pair traded above the 117.50 level to move into a bullish zone.
The pair even traded above 118.00 and settled above the 50 hourly simple moving average. A high is formed near 118.42 and the pair is now consolidating gains. An immediate support is near 118.15 and a connecting bullish trend line on the hourly chart.
The next major support sits near the 118.10 level, below which there is a risk of more downsides. In the stated case, the pair could decline towards the 117.50 level.
On the upside, an immediate resistance is near the 118.40 level. A clear break above the 118.40 resistance could push the price towards 118.80. The next major resistance is near the 119.50 level or 120.00 on FXOpen.
