USD/JPY Technical Analysis: Pair tests key dynamic support

• The pair found support at 110.80, 2-month uptrend line: break lower likely to trigger another leg lower.
• Short-term bearish pressure to ease if rises above 111.20/30, 2-day downtrend line.
• Pair consolidates between 111.35 and 110.80 while dominant trend still points to the downside.

USD/JPY 15 minutes chart

USD/JPY Daily chart

Spot rate:               110.92
Relative change:      -0.23%     
High:                      111.38
Low:                       110.81

Trend:                    Bearish

Resistance 1:        111.15
Resistance 2:        111.40 (20-day MA)
Resistance 3:        112.05

Support 1:             110.80 (trendline)
Support 2:             110.50
Support 3:             110.30