FxWirePro: USD/JPY forms Bearish Engulfing pattern, decline till 111.80 likely

Candle stick pattern- Bearish Engulfing pattern

Potential Reversal Zone (PRZ)- 113.20

USDJPY has again declined after hitting high of113.12. The previous high was 113.17 high made on Jul 19th 2018. It has dropped more than 50 pips from the high.

On the lower side, near term major support is around 112.50 (23.6% fib) and any break below targets 112/111.78 (20- day MA). Any daily close below 111.78 confirms further bearish continuation.

The major resistance is around 113.20 and any break above targets 113.85/114.45.

It is good to sell on rallies around 112.75-80 with SL around 113.20 for the TP of 112/111.78.