USD/JPY Technical Analysis: Corrective move down targets 109.90 level

• USD/JPY main bull trend is on hold since July 19. 
• USD/JPY is currently consolidating lower in a bearish channel. USD/JPY found resistance at the 110.40 supply level, the bearish trendline and the 200-period simple moving average. The short-term bias is bearish with targets at the 109.91-97 area and the 109.37 June 25 swing low. 
• A bull breakout above 110.58 would negate the bearish bias. 

USD/JPY 15-minute chart

Spot rate:                 110.28
Relative change:      -0.02%     
High:                        110.51
Low:                         110.02

Main trend:                       Bullish 
Short-term trend               Bearish below 110.58

Resistance 1:    110.40 supply/demand level
Resistance 2:    110.58 July 26 swing low
Resistance 3:    110.75, July 23 low

Support 1:    110.10 August 13 swing low
Support 2:    109.91-97 area, 200 and 100-day simple moving average
Support 3:    109.37 June 25 swing low
Support 4:    109.19 June 8 low