USD/JPY Technical Analysis: USD/JPY finding support at 111.00 level

• USD/JPY lost about 40 pips in early European trading to find support at the 111.00 figure. 
• USD/JPY is currently challenging the 50-period simple moving average and the bearish trendline. 
• A bull breakout would likely target the 111.54-111.64 area and 111.82-112.00 area. Near-term supports are seen near the 111.02-111.16 area and 111.00 level. 

USD/JPY 15-minute chart

USD/JPY daily chart

Spot rate:                 111.25
Relative change:      -0.15%     
High:                        111.44
Low:                         110.98

Trend:                       Bullish

Resistance 1:  111.39 May 21 swing high
Resistance 2:  111.54-111.64 area, August 6, high and 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, figure and current August 6 low
Support 2:    110.90 June 15 swing high
Support 3:    110.75, July 23 low
Support 4:    110.58 July 26 swing low
Support 5:    110.27 July 4 low