The US Dollar started a fresh decline from the 138.00 resistance zone against the Japanese Yen. The USD/JPY pair traded below the 136.00 level to move into a bearish zone.
There was a clear move below the 133.50 support zone and the 50 hourly simple moving average. The pair traded as low as 130.56 and is currently consolidating losses. An immediate resistance on the upside is near the 133.20 level.
The next major resistance is near the 134.00 zone. A clear break above the 134.00 resistance could push the price towards 135.00. The next major resistance is near the 135.50 level or the 50 hourly simple moving average.
On the downside, an initial support is near the 131.50 zone. The next major support sits near the 130.50 level, below which there is a risk of more downsides towards 128.80 on FXOpen.
