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USD/JPY Outlook: The Pair In A Recent Downside Correction

FXOpen
By FXOpen

The US Dollar remained in a positive zone and traded above the 107.50 resistance against the Japanese Yen. The USD/JPY pair traded as high as 107.76 and recently started a downside correction.

It broke the 107.50 support and recently tested the 107.10 level. It seems like the pair is following a declining channel with resistance near 107.28 on FXOpen on the hourly chart.

The channel resistance is near the 50 hourly simple moving average. Therefore, a clear break above the 107.30 resistance zone could start a fresh increase towards the 107.50 and 107.80 levels in the near term.

Conversely, the pair could continue to decline towards the 107.00 support or the 50% Fib retracement level of the recent rise from the 106.21 low to 107.76 high. If the USD/JPY pair fails to stay above the 107.00 support, it could continue to move down towards 106.50.

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