The US Dollar started a decent upward move above the 104.00 resistance zone against the Japanese Yen. The USD/JPY pair broke the 104.20 resistance level to move into a positive zone.
The pair even settled above 104.25 and the 50 hourly simple moving average. The pair traded as high as 104.75 before starting a downside correction. It seems to be following a rising channel with support near the 104.40 level on the hourly chart.
There is also a strong support forming near the 104.25 level and the 50 hourly simple moving average, below which the pair could accelerate its decline.
Conversely, there could be a fresh increase above the 104.55 and 104.60 levels. The next major hurdle for the bulls sits near the 104.75 level, above which it could even surpass 105.00 On FXOpen in the near term.
