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  • USD/JPY bull trend is having a pullback as the market formed a bearish head-and-shoulders pattern.  
  • USD/JPY is currently finding some support near 113.18 (July high) and the market might consolidate the recent losses up to 113.55 (October 2 low). USD/JPY broke below the 50-period simple moving average and the bullish trendline suggesting a bearish bias.
  • A break below 113.18 can open the gates to a bear continuation move to 112.55 (September 27 low) and 112.00 figure.    

USD/JPY 4-hour chart

Spot rate:                         113.18
Relative change:             -0.47%      
High:                                113.96
Low:                                 113.05

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:    113.18, July high  
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