Well, any sorts of shadows could certainly be possible. There might be other light sources, there could be mirrors/windows/other reflective surfaces, something could be blocking the light partially, etc. Some second and third opinions would be nice as I'm not exactly a pro at shading/lighting...
Here's a butchered version of your picture sorta depicting how I would've shaded it... I should've used a real art program rather than Paint.

Is the arm on the left the shoulder padded one? Makes better sense, then... maybe I'd have it a bit higher than I outlined, actually. The way the shoulders are lined up almost looks like a front view... which this might have been intended to be (not a straight up front view, but a slight turn). Anyhow... If it's supposed to be a bit more of a turned angle, then I'd have the arm on the left a bit closer to the body... I'm not entirely clear on the intended angle here, which I suppose is a problem in itself.
Moving along, I scribbled in some red and yellow around where I'd shade it, and darker grey on the hair.