The US Dollar started a decent recovery from the 103.30 zone against the Japanese Yen. The USD/JPY pair broke the 104.00 resistance level to move into a positive zone.
The pair even gained pace above the 105.00 resistance and settled well above the 50 hourly simple moving average. The pair traded as high as 105.63 before starting a downside correction.
There was a break below the 105.30 on FXOpen and the pair is currently trading inside a key contracting triangle with resistance near 105.30 on the hourly chart. A clear break above the triangle resistance could open the doors for a fresh above the 105.50 resistance level.
Conversely, there could be a downside break below the triangle support at 105.00 and then below the 50 hourly SMA. The next major support is near the 104.40 level, below which there the pair could test 104.00.
