In September we saw $USDJPY breakout of a consolidation, which opened up the 114-114.55 area. USD/JPY Signals Bullish Outlook Towards 114As we finished the first week of October, USD/JPY has reached this target, which also acted as resistance.USD/JPY Daily Chart(click to enlarge)New 2018 High:- Note that the rally since March/April has completely reversed the decline in 2018. - In fact, USD/JPY just established a new 2018 high at 114.55.- Note the common resistance here. It should not be a surprise that we are seeing at least some short-term pullback from this level.113-Support?- If price comes down and finds support at 113 and then rebounds, we should probably NOT rely on the resistance again because this would be a strong sign that bulls are still firmly in charge.- But even if price falls below 113, a rebound from 112 along with the RSI holding above 40, would still signal a bullish outlook.- I would reassess if price falls below 112. It might still be bullish long-term, but we might be looking at a significant period of consolidation first (a month or two).