USD/JPY Technical Analysis: More decline is expected below 112.55 as Greenback slips to 111.84 support

USD/JPY bull trend is on hold as the market is having a strong pullback down.
USD/JPY is trading below its 200-period simple moving average (SMA) while the MACD indicator is remaining in negative territories. The bearish bias is kept as long as USD/JPY is capped by 112.55 resistance and 200 SMA
Targets to the downside are seen near 111.84 August 29 swing high and 111.00 figure.

Flavio Tosti Independent Analyst

USD/JPY 4-hour chart

Spot rate: 112.00
Relative change: -0.23%
High: 112.53
Low: 111.83

Main trend: Bullish

Short-term trend: Bearish

Resistance 1: 112.55 September 27 low
Resistance 2: 113.00 figure
Resistance 3: 113.55 October 2 low
Resistance 4: 113.55 October 2 low
Resistance 5: 114.00 figure
Resistance 6: 114.80 November 2017 high
Resistance 7: 115.50 March 10, 2017 high

Support 1: 112.00-112.17 zone, figure and August 1 swing high
Support 2: 111.84 August 29 swing high
Support 3: 111.00 figure

Author

Flavio Tosti

Independent Analyst

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