USD/JPY Technical Analysis: USD/JPY bulls finding some support at 111.00 figure looking at 111.50 level

• USD/JPY main bull trend is in pullback mode since July 19. On August 21, bulls created a swing low and are now trying to resume the bull trend.
• USD/JPY is trying to find support at the lower trendline of the bull channel around the 111.00 level. However, the 50 and 100-period simple moving average broke below the 200 SMA suggesting that the bullish momentum is slowing down. Targets to the upside are 111.45 and 111.54-111.64 area.
• A bear breakout below 110.90 (current daily low) would invalidate the bullish bias. 

USD/JPY 15-minute chart

Spot rate:                 111.00
Relative change:      -0.19%     
High:                        111.36
Low:                         110.92

Main trend:         Bullish 

Resistance 1:    111.45 August 8 high
Resistance 2:    111.54-111.64 area, August 6, high and supply/demand level
Resistance 3:    111.82-112.00 area, supply level and figure

Support 1:    111.00 figure
Support 2:    110.75, July 23 low
Support 3:    110.58 July 26 swing low
Support 4:    110.40 supply/demand level
Support 5:    110.10 August 13 swing low
Support 6:    109.91-97 area, 200 and 100-day simple moving average
Support 7:    109.37 June 25 swing low
Support 8:    109.19 June 8 low

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