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USD/JPY: all the Moving Averages broken

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There's a 'High Wave', which pushed the price higher. It's likely that the market is going to reach the nearest resistance at 111.88 in the coming hours. This level could be a starting point for a decline towards the lower 'Window' (110.81).

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We've got a bearish 'High Wave', so it's time for a downward correction. In this case, the pair is likely going to test the nearest support at 111.25. If a pullback from this level forms next, bulls will probably try to reach another resistance at 111.88.

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