USD/JPY Pair Is Currently Correcting Lower From The 106.22 High

Technical analysis of Forex market

The US Dollar started a steady increase from the 104.50 support zone against the Japanese Yen. The USD/JPY pair cleared the 105.20 resistance level to move into a positive zone.

It even surpassed the 105.80 resistance and settled well above the 50 hourly simple moving average. A high is formed near 106.22 and the pair is currently correcting lower. An initial support is near the 105.80 level.

The main support is forming near the 105.65 level. Any more losses may possibly lead the pair towards the 50 hourly simple moving average and a connecting bullish trend line at 105.35 on the hourly chart.

On the upside, USD/JPY is facing resistance near the 106.20 level on FXOpen. A clear break above the 106.20 zone could open the doors for a push towards the 106.50 level. The next major resistance sits near the 107.00 level.