The US Dollar started a fresh increase after it tested the 135.60 zone against the Japanese Yen. The USD/JPY pair traded above the 136.20 level to move into a positive zone.
The pair even moved above the 137.00 level, but it is still well below the 50 hourly simple moving average. It is now consolidating near the 137.00 level, with an immediate resistance at 137.25 on FXOpen.
The first major resistance is near the 137.50 zone and the 50 hourly simple moving average. A clear break above the 137.50 resistance could push the price towards 138.00. The next major resistance is near the 138.80 level.
On the downside, an initial support is near the 136.80 zone and a trend line on the hourly chart. The next major support sits near the 136.20 level, below which there is a risk of more downsides towards the 135.60 level.
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