USD/JPY Technical Analysis: USD/JPY decline targets 110.10 level

• USD/JPY main trend is on hold since July, 19 as the market is in a triangle consolidation. 
• USD/JPY found resistance at the 50-day simple moving average. The market is now trading at its lowest in the last three days as bears are targeting 110.10 August 13 swing low and the trendline.
• A bull breakout above 111.45 swing high would negate the short-term bearish bias. 

USD/JPY daily chart

Spot rate:                 110.36
Relative change:      -0.48%     
High:                        111.07
Low:                         110.30

Main trend:                       Bullish 
Short-term trend               Bearish below 110.45

Resistance 1:    110.58 July 26 swing low
Resistance 2:    110.75, July 23 low
Resistance 3:    110.90 June 15 swing high
Resistance 4:    111.02-111.16 area, figure and current August 6 low
Resistance 5:    111.45 August 8 high
Resistance 6:    111.54-111.64 area, August 6, high and supply/demand level

Support 1:    110.40 demand level
Support 2:    110.10 August 13 swing low

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