USD/JPY technical analysis: Bears challenge 2-month old ascending trend-line support

• Remains under some selling pressure for the fifth straight session.
• Weakness below 23.6% Fibo. might trigger some additional selling.

The USD/JPY pair extended its recent pullback from multi-month tops and remained under some selling pressure for the fifth consecutive session on Wednesday.
 
The downward trajectory has now dragged the pair to 1-1/2 week lows, with bears challenging a support marked by over two-month-old ascending trend-line.
 
Given that the pair had failed to find acceptance above 200-day SMA, sustained weakness below the mentioned support might be seen as a key trigger for bearish traders.
 
This is closely followed by support near the 108.35 region – representing 23.6% Fibonacci level of the 104.45-109.49 recent strong recovery from multi-year lows.
 
Meanwhile, technical indicators on the daily chart have been losing positive momentum, which might further add credence to a possible near-term bearish set-up.
 
Below the mentioned support levels, the pair is likely to accelerate the slide towards the 108.00 handle en-route 38.2% Fibo. level support near mid-107.00s.
 
On the upside, any attempted positive move might now confront some fresh supply near the 109.00 handle (200-DMA), which if cleared might negate the bearish bias.

USD/JPY daily chart