USD/JPY Technical Analysis: Falling to daily lows en route to 111.00 level

• USD/JPY is falling to new daily lows reaching the 111.16 support level. Bulls will try to support the market but the attempt should be short-lived.
• USD/JPY bears are in control and the market should continue the descent towards 111.00 and beyond as USD/JPY broke below 111.39 support.
• Resistances to the upside are seen near 111.39 and 111.64 supply level. 

USD/JPY 15-minute chart 

Spot rate:                 111.19
Relative change:      -0.41%     
High:                        111.87
Low:                         111.14

Trend:                       Bearish

Resistance 1:  111.39 May 21 swing high
Resistance 2:  111.64 supply/demand level
Resistance 3:  111.82-112.00 area, supply level and figure
Resistance 4:  112.19-112.40 area, July 11 high and intraday swing low 
Resistance 5:  112.64 July 12 high
Resistance 6:  113.18, 2018 high
Resistance 7:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 8:  114.45 October 27, 2017 high 

Support 1:    111.02-111.16 area previous intraday swing lows
Support 2:    110.90 June 15 swing high
Support 3:    110.75, July 23 low
Support 4:    110.58 July 26 low
Support 5:    110.27 July 4 low