The US Dollar started a fresh decline from the 140.00 resistance zone against the Japanese Yen. The USD/JPY pair traded below the 138.00 level to move into a bearish zone.
Recently, the pair traded as low as 134.66 and is currently consolidating losses below the 50 hourly simple moving average. An immediate resistance on the upside is near the 135.92 level.
The next major resistance is near the 136.30 zone and the 50 hourly simple moving average. A clear break above the 136.30 resistance could push the price towards 137.00 on FXOpen. The next major resistance is near the 137.50 level.
On the downside, an initial support is near the 135.00 zone. The next major support sits near the 134.50 level, below which there is a risk of more downsides towards the 133.80 level.
