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  • USD/JPY is consolidation mode following the recent drop. 
  • The level to beat for sellers is the 110.00 figure.
 
 

USD/JPY daily chart

 
USD/JPY is trading in an ascending channel while trading above the main daily simple moving averages (SMAs). The quote is retracing down after a huge breakout last week. 
 

USD/JPY four-hour chart

 
USD/JPY is consolidating the recent decline in the 110.00/110.60 band while trading between the 50 and the 100 SMAs. As the spot remains vulnerable to the downside, the sellers could pressure the 110.00 support for 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