USD/JPY Pair Is Now Correcting Higher From The 109.58 Low

Technical analysis of Forex market

The US Dollar started a decline from well above the 110.20 level against the Japanese Yen. The USD/JPY pair broke the key 110.00 support zone to move into a bearish zone.

The pair even broke the 109.80 support and settled well below the 50 hourly simple moving average. A low is formed near 109.58 and the pair is now correcting higher. An immediate resistance is near the 109.95 level.

The first major resistance is near 110.00 on FXOpen. There is also a major bearish trend line forming with resistance near 110.00 on the hourly chart. The next major resistance is near the 110.50 level.

An initial support on the downside is near the 109.65 level, below which USD/JPY might drop towards the 109.50 support zone. The next major support sits near the 109.20 level.