USD/JPY Technical Analysis: 1hr time frame is bearish, but Bollinger band support argues bid to 21-D SMA, 109.76

• USD/JPY has stabilised to form what could be the making of a W-Bottom pattern.
• A break of  109.10 opens the Bollinger band W-Bottom  break up point.
• Bulls can target the 21-D SMA at 109.76.
• Should 108.60 give out, the trend stays bearish and opens the 100-D SMA/50-D SMA convergence at 108.20.

USD/JPY 1-hr chart

Spot rate:                     108.73
Relative change:           -0.63%      
High:                             109.44
Low:                               109.29

Trend:                            Bearish

Support 1:                  108.55/60 BB and PP support.
Support 2:                  108.18 PP 1M, 100-D SMA meets 50-D SMA.
Support 3:                  106.82 S1 1M  

Resistance 1:             109.10 BB WB break up point.
Resistance 2:              109.76/92 21-D SMA / PP-1W  
Resistance 3:              110.89  R1-1W