The US Dollar started a fresh decline from well above the 103.80 zone against the Japanese Yen. The USD/JPY pair broke the 103.50 support zone to move into a bearish zone.
The pair even settled below the 103.40 level and the 50 hourly simple moving average. It traded as low as 103.28 and it is currently struggling to recover. An initial resistance on the upside is near the 103.40 zone.
There is also a major bearish trend line forming with resistance near 103.45 on the hourly chart. A clear break above the trend line resistance could lead the pair towards the 103.65 resistance and the 50 hourly SMA.
Conversely, the pair could continue to move down below the 103.25 level on FXOpen. In the stated case, there is a risk of more losses below the 103.00 level in the coming sessions.
