USD/JPY short-term technicals: neutral-bearish - Nomura

Analysts at Nomura offered their outlook for USD/JPY.

Key Quotes:

"USD/JPY has retreated from its recent multi-month high and we note the potential emergence of a shift in the trend with a subsequent sequence of lower highs and lower lows."

"The 100 day MA (112.95) is back in focus. Bullish momentum signals have softened and DMI’s are hinting to a shift in the balance of risks."

"We look to near-term support at 112.80 and near-term resistance at 113.80."