On the hourly chart of USD/JPY at FXOpen, the pair started a fresh increase from the 137.50 support zone. The US Dollar climbed higher above the 138.25 resistance zone against the Japanese Yen.
A high is formed near 138.91 and the pair is now consolidating gains near the 50-hour simple moving average. Immediate resistance on the upside is near a contracting triangle at 138.60. The first major resistance is near the 138.85 level, above which the pair might gain bullish momentum.
The next major resistance is near the 139.20 zone. A clear break above the 139.20 resistance could push the price further higher toward 140.00.
If there is a fresh decline, the pair might find bids near the 138.25 level. The next support sits near the 138.00 zone, below which there is a risk of more downsides toward the 137.50 level.
