USD/JPY confirmed a Head and Shoulders formation resulting in steady downtrend. It has recently dipped below the 200-DMA for the first time since May. 

After achieving interim low near 141/140.70, an initial bounce is under way however neckline of the formation near 146.60/147.40 could provide resistance. Holding below this hurdle, there would be a risk of deeper downtrend.

Next potential supports are located at 139.60, the 50% retracement from January and 137.25/136.65.