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  • USD/JPY is consolidating after the recent drop from the 2020 tops. 
  • The level to beat for bears is the 110.00 figure.
 
 

USD/JPY daily chart

 
USD/JPY is trading in a bulls channel while trading above its main daily simple moving averages (SMAs). However, the quote is retracing down sharply after a massive breakout last week. 
 

USD/JPY four-hour chart

 
USD/JPY is about to end the New York session below the 110.00 support and the 200 SMA. The quote remains vulnerable to the downside as sellers might generate a drop towards the 109.40 and 108.60 on the way down. Resistances are seen near the 110.65 level and the 111.00 figure.
 
 
Resistance: 110.65, 111.00, 111.40
Support: 110.00, 109.40, 108.60
 
 
 

Additional key levels