Descending triangle on the USD/JPY

The USD/JPY has found a good support zone around the 112.00 level and even though it has broken that level momentarily, it has not been able to continue falling from there. The highs of the daily candles have been lower than the previous ones, forming a descending triangle. On the descending triangle formation, the pressure accumulates to the downside, raising the probabilities of a bearish breakdown. To the downside, the 200 day EMA (blue line) around the 110.38 level could act as a support. Below the 200 day EMA, the 109.00 level could also act as support. If the price breaks to the upside, above the triangle, then the 114.00 level could act as resistance. The 55 day EMA (purple line) is changing its direction to the downside, indicating a possible bearish trend reversal.