The US Dollar started a fresh decline from the 134.80 resistance zone against the Japanese Yen. The USD/JPY pair traded as low as 131.30 and recently started an upside correction.
There was a clear move above the 132.00 zone and the 50 hourly simple moving average. The pair is now consolidating below the 132.65 zone. An immediate resistance on the upside is near the 132.65 level.
The next major resistance is near the 133.00 zone. A clear break above the 133.00 resistance could push the price towards 134.00. The next major resistance is near 134.75 on FXOpen, where the bears might emerge.
On the downside, an initial support is near the 132.10 zone and a trend line on the hourly chart. The next major support sits near the 131.50 level, below which there is a risk of more downsides towards the 130.00 level.
