USD/JPY Technical Analysis: USD bulls left in the cold - USD/JPY dropping towards 110.10 level

• USD/JPY main trend has paused since July, 19 as the market is in a triangle consolidation. 
• USD/JPY is challenging last Friday’s low as the market has rejected the 50-daily simple moving average. Bears target is 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:                 110.31
Relative change:      -0.17%     
High:                        110.70
Low:                         110.26

Main trend:                       Bullish 
Short-term trend               Bearish below 110.45

Resistance 1:    110.40 demand level
Resistance 2:    110.58 July 26 swing low
Resistance 3:    110.75, July 23 low
Resistance 4:    110.90 June 15 swing high
Resistance 5:    111.02-111.16 area, figure and current August 6 low
Resistance 6:    111.45 August 8 high
Resistance 7:    111.54-111.64 area, August 6, high and supply/demand level

Support 1:    110.10 August 13 swing low
Support 2:    109.37 June 25 swing low
Support 3:    109.19 June 8 low