USD/JPY Technical Analysis: More decline below 113.55 resistance

USD/JPY is in pullback mode while it is trading in a bull trend.
The bears broke below the trendline (blue) and the 50-period simple moving average. USD/JPY is currently consolidating the recent decline below 113.55 (October 2 low) near the 100-period simple moving average.
Failure to break above 113.55 should lead to more decline in the short term. Targets to the downside can be located near 113.00 figure and 112.55 (September 27 low). A breakout above 113.55 would invalidate the bearish bias.

Flavio Tosti Independent Analyst

USD/JPY 4-hour chart

Spot rate: 113.20
Relative change: 0.22%
High: 113.28
Low: 112.92

Main trend: Bullish
Short-term trend: Bearish

Resistance 1: 113.55 October 2 low
Resistance 2: 114.00 figure
Resistance 3: 114.80 November 2017 high
Resistance 4: 115.50 March 10, 2017 high

Support 1: 113.00 figure
Support 2: 112.55 September 27 low
Support 3: 112.00-112.17 zone, figure and August 1 swing high
Support 4: 111.84 August 29 swing high

Author

Flavio Tosti

Independent Analyst

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