The US Dollar started a fresh increase above the 137.00 resistance against the Japanese Yen. The USD/JPY pair traded above the 137.80 level to move into a positive zone.
The pair even moved above the 138.50 level and is still well below the 50 hourly simple moving average. It is now consolidating near the 138.60 level, with an immediate resistance at 138.85 on FXOpen.
The first major resistance is near the 139.00 zone. A clear break above the 139.00 resistance could push the price towards 139.50. The next major resistance is near the 140.00 level.
On the downside, an initial support is near the 138.30 zone. The next major support sits near the 138.10 level and a connecting bullish trend line on the hourly chart, below which there is a risk of more downsides towards the 137.50 level.
