The US Dollar started a fresh decline from well above the 145.00 zone against the Japanese Yen. The USD/JPY pair traded below the 142.00 level to move into a short-term bearish zone.
The pair traded as low as 137.67 and is currently correcting losses above the 50 hourly simple moving average. An immediate resistance on the upside is near the 141.60 level and a connecting bearish trend line on the hourly chart.
The next major resistance is near 142.25 on FXOpen. A clear break above the 142.25 resistance could push the price towards 143.20. The next major resistance is near the 144.00 level.
On the downside, an initial support is near the 140.70 zone. The next major support sits near the 139.00 level, below which there is a risk of more downsides towards the 138.00 level.
