The US Dollar started a downside correction from well above 130.00 against the Japanese Yen. The USD/JPY pair traded below the 129.50 support zone to move into a bearish zone.
There was a break below a key bullish trend line with support near 129.15 on the hourly chart. It is now trading well below 129.20 and the 50 hourly simple moving average.
On the downside, an initial support is 128.80. The next major support sits near the 128.50 level, below which there is a risk of more downsides. In the stated case, the pair could even trade below the 128.20 support zone in the near term.
On the upside, an immediate resistance is near the 129.40 level. A clear break above the 129.40 resistance could push the price towards 130.00. The next major resistance is near the 130.50 level or 131.20 on FXOpen.
