USD/JPY Technical Analysis: USD/JPY bulls hopes vanish as USD/JPY falls below 111.00 level

• USD/JPY had a failed breakout above Tuesday’s high, momentarily squashing bulls hope for the resumption of the main bull trend. 
• Bears broke below the bullish trendline and drove the price below the 50, 100 and 200-period simple moving averages.
• Bearish short-term momentum is now prevailing below the 111.00 level. Targets to the downside are located near 110.40 and 110.10 August 13 low.

USD/JPY 15-minute chart 

Spot rate:                 110.67
Relative change:      -0.43%     
High:                        111.45
Low:                         110.43

Main trend:                       Bullish 
Short-term trend               Bearish

Resistance 1:  110.75, July 23 low
Resistance 2:  110.90 June 15 swing high
Resistance 3:  111.02-111.16 area, figure and current August 6 low
Resistance 4:  111.45 August 8 high

Support 1:    110.58 July 26 swing low
Support 2:    110.40 demand level
Support 3:    110.10 August 13 low