The US Dollar started a steady increase from the 105.50 support zone against the Japanese Yen. The USD/JPY pair broke the 106.00 resistance zone to move into a positive zone.

The pair is now trading well above the 106.50 level and the 50 hourly simple moving average. It traded as high as 106.79 on FXOpen and it might correct lower. An initial support on the downside is near the 106.60 and 106.50 levels.

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More importantly, there is a crucial bullish trend line forming with support near 106.20 on the hourly chart. If there is a downside break below 106.20, there are chances of a sharp decline.

Conversely, the pair could continue to rise above the 106.80 level. In the mentioned case, it might climb towards the 107.40 resistance level in the coming sessions. The next major resistance is at 107.80.


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