The US Dollar started a fresh increase from well below the 132.00 level against the Japanese Yen. The USD/JPY pair traded above the 134.50 resistance zone to start a fresh surge.
The pair even climbed above the 136.00 level and the 50 hourly simple moving average. The pair traded to a new multi-year high at 136.70 before there was a minor downside correction. USD/JPY is again rising and trading above 136.20 on FXOpen.
The first major resistance is near the 136.50 zone. A clear break above the 136.50 resistance could push the price towards 137.00. The next major resistance is near the 138.00 level.
On the downside, an initial support is near the 135.80 zone and a trend line on the hourly chart. The next major support sits near the 135.40 level, below which there is a risk of more downsides towards the 133.80 level.