The US Dollar started a fresh decline from the 105.75 resistance against the Japanese Yen. The USD/JPY pair broke the 105.50 support level to move into a short-term bearish zone.

Moreover, there was a break below a connecting bullish trend line with support near 105.40 on the hourly chart. The pair is now trading below the 105.30 level on FXOpen and the 50 hourly simple moving average.

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The next major support is near the 105.20 level, below which the bears could even aim a downside break below the 105.00 support level.

If there is an upside correction, the recent support near 105.40 and the 50 hourly SMA are likely to prevent gains. A clear break above 105.40 and 105.50 is must for more gains. The next major resistance above the 105.50 level is near the 105.80 level.


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