USD/JPY Technical Analysis: Bulls could be in retreat until 113.00

• Intraday readings for the USD/JPY show the US Dollar stepping back against the Yen, and the past twenty-four hours have the USD/JPY knocking down into lower highs.
• USD/JPY short-term traders should be looking for a continuation of USD selling, at least until Thursday's US Retail Sales reading due at 13:30 GMT, where Dollar bulls would be more likely to step back into the fold.

USD/JPY Chart, 5-Minute

• The past week has seen the Dollar-Yen pairing test into a near-term upper bound above 144.00, and yesterday knock below recent consolidation has the USD/JPY primed for a continued fall assuming a bullish retest of 113.65 fails to generate a bullish return to the median.

USD/JPY Chart, 30-Minute

• The past two months see the USD/JPY still enjoying some bullish pressure from consecutive higher lows, but the last time the pair fell below a bullish 50-period moving average on H4 candles the pair was clear for a move to beyond the 200-period moving average; a similar scenario here will see the USD/JPY continue the current drop into 113.00, where support is likely to challenge the shortside.

USD/JPY Chart, 4-Hour