The US Dollar started a steady increase above the 105.00 resistance against the Japanese Yen. The USD/JPY pair even broke the 105.50 resistance level.
The pair traded as high as 105.79 recently and settled above the 50 hourly simple moving average. It is currently consolidating gains above the 105.50 support and the 50 hourly SMA.
It seems like there is a crucial bullish trend line forming with support near 105.50 on FXOpen and the 50 SMA on the hourly chart. If there is a downside break below the trend line support and the 50 hourly SMA, the pair could accelerate lower towards the 105.20 and 105.00 support levels in the coming sessions.
Conversely, USD/JPY might start a fresh increase above the 105.80 and 106.00 resistance levels. The next major resistance above the 106.00 level is near the 106.40 level.
