The US Dollar started a fresh decline from the 115.70 zone against the Japanese Yen. The USD/JPY pair traded below the 115.00 support level to move into a short-term bearish zone.
The pair even traded below 114.80 and settled below the 50 hourly simple moving average. A low is formed near 114.56 and the pair is now consolidating losses. An immediate resistance is near the 114.80 level and a key bearish trend line forming on the hourly chart.
A clear break above the trend line resistance could push the price towards 115.00 on FXOpen. The next major resistance is near the 115.20 level.
An initial support on the downside is near the 114.50 level. The next major support sits near the 114.20 level, below which there is a risk of more downsides. In the stated case, the pair could decline towards the 113.50 level.
