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.

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

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