The US Dollar started a fresh decline from well above the 150.00 zone against the Japanese Yen. The USD/JPY pair traded below the 149.50 level to move into a short-term bearish zone.
The pair traded as low as 145.10 and recently started an upside correction. There was a move above the 147.50 resistance zone. It is now eyeing a fresh upside break above the 148.25 resistance and the 50 hourly simple moving average.
The next major resistance is near the 148.85 zone. A clear break above the 148.85 resistance could push the price towards 149.50 on FXOpen. The next major resistance is near the 150.00 level.
On the downside, an initial support is near the 147.30 zone and a connecting bullish trend line on the hourly chart. The next major support sits near the 146.95 level, below which there is a risk of more downsides towards the 146.20 level.
