The US Dollar gained pace above the 130.00 resistance against the Japanese Yen. The USD/JPY pair even traded above 130.50 and formed a new multi-year high at 131.25.
Recently, there was a downside correction below 130.00. However, the bulls were active near the 129.30 level. It is now back above 130.00 and trading well above the 50 hourly simple moving average.
On the upside, an immediate resistance is near the 130.40 level. A clear break above the 130.40 resistance could push the price towards 131.00. The next major resistance is near the 131.20 level or 131.500 on FXOpen.
On the downside, an initial support is 129.80. The next major support sits near the 129.30 level, below which there is a risk of more downsides. In the stated case, the pair could even trade below the 50 hourly simple moving average.
