USD/JPY Technical Analysis: bulls trying to defend an ascending trend-line support

   •  Retreats back to test the key 110.00 psychological mark, representing a short-term ascending trend-line support extending from Tuesday's European session swing low. 

   •  A convincing breakthrough would negate prospects for any additional near-term gains and turn the pair vulnerable to resume with its prior depreciating slide.

   •  A sustained move back above the very important 200-day SMA would reinforce the ascending trend-line support and pave the way for an extension of the recovery move.

USD/JPY 1-hourly chart

Current Price: 110.04
Daily High: 110.25
Daily Low: 109.85
Trend: Bearish if breaks below trend-line support

Resistance
R1: 110.26 (200-day SMA)
R2: 110.58 (R1 daily pivot-point)
R3: 110.90 (June 15 swing high)

Support
S1: 109.85 (current day low)
S2: 109.55 (S1 daily pivot-point)
S3: 109.30 (50-day SMA)