Mon, May 29, 2023 @ 06:21 GMT
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USD/JPY Technical Analysis

On the hourly chart of USD/JPY at FXOpen, the pair started a fresh increase from the 133.50 support zone. The US Dollar slowly moved higher above the 134.65 resistance zone against the Japanese Yen.

It is now consolidating above the 50-hour simple moving average. Immediate resistance on the upside is near the 135.35 level. The first major resistance is near the 135.65 level, above which the pair might start a decent increase.

The next major resistance is near the 137.30 zone. A clear break above the 137.30 resistance could push the price further higher toward 138.00.

If there is a fresh decline, support is near a bullish trend line at 135.00 and the 50-hour simple moving average. The next support sits near the 134.65 zone, below which there is a risk of more downsides toward the 133.50 level.

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