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.
