USDJPY has been ramping up after the price encountered strong support at the 112.71 region in early November. However, the pair has been giving up ground since its recent rally halted at the 4½-year high of 114.96.

This recent pullback is likely to continue as the short-term oscillators indicate that the positive momentum is fading. The MACD histogram is above zero but below its red signal line, while the RSI is flatlining in the 50-neutral mark.

Should the selling pressure intensify, the 113.66 level might act as immediate support. A drop below this level would open the way towards the 113.45 region. If sellers overcome this obstacle, 113.23 could prove a strong support barrier for the price before the bears target the 113.00 key psychological mark.

On the flip side, if buyers manage to retake control and the price ascents, the first resistance point might be found at the 114.29 level, which has rejected four price advances in the last month. Overcoming this level, the next hurdle for the pair might be met at 114.45 or even higher at the 114.70 region. Clearing these barricades would signify the resumption of the short-term upsurge, sending the price to challenge its 4½-year high of 114.96.

Overall, USDJPY appears to have run out of steam after posting a 4½-year high, but it still holds its bullish short-term structure. For the positive picture to alter, the price needs to dip below the 113.23 level.