USD/JPY Technical Analysis: US Dollar bulls taking a breather after three attempts to break above 110.50

• Bulls have attempted to break above last week’s high at 110.28 three times on Tuesday. The weekly 50-period simple moving average is located at 110.23 and is also providing resistance. A strong breakout of the 110.23-110.28 area should see a trend resumption towards 111.41 May 21 high. 
• However, a failure to break the current weekly high at 110.51 could see USD/JPY consolidates in the 110.00-110.51 area in the coming hours.

USD/JPY 15-minute chart

Spot rate:                 110.25
Relative change:      0.19%     
High:                        110.51
Low:                         109.97

Trend:                       Bullish        

Resistance 1:           110.23-110.28 area, last week's high, weekly 50-period SMA, daily 200 SMA, 
Resistance 2:           110.79 May 22 low
Resistance 3:           111.41 May 21 high

Support 1                 109.90 daily 5-period SMA, 100-period SMA (1h)        
Support 2:                109.37/47 last week’s demand level and daily 10 SMA
Support 3:                109.20, 50% Fibonacci retracement from May 29-June 6
Support 4:                108.76, daily 50 moving average

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