USD/JPY Is Retracing

USD/JPY is currently retracing to the downside after finding some resistance at 110.70 and forming a spinning top candlestick on the four-hour time-frame at that level. The pair bounced off from the resistance and moved to the downside towards the support at 110.30. If the pair eventually breaks out below that level the move to the downside should continue towards the support at 109.80, which is the (MA)89 indicator on the same time-frame. A breakout below that level could lead to a further move to the downside towards 109.20, which is the last low. However, if the pair continues moving to the upside and breaks out above the last high at 110.70 it will likely continue rising towards 111.40.