USD/JPY Technical Analysis: USD/JPY consolidating overnight bear breakout near 109.55

• USD/JPY is currently fading the bearish trendline and testing the 109.55 June 19 low.
• USD/JPY is also consolidating the bear breakout which happened overnight. Bulls want to breakout above the bearish trendline and reach the 109.90 supply level while bears want to keep the market below the 109.55 level.  
• The main picture on USD/JPY is increasingly bearish however bears will need to overcome the daily 50-period simple moving average at 109.48 which can lead to trading range price action in the near future.

USD/JPY 15-minute chart

Spot rate:                 109.57            

Relative change:     -0.37%      
High:                        110.04
Low:                         109.37

Trend:                       Neutral to bearish        

Resistance 1: 109.90 supply level
Resistance 2: 110.21 June 22 high
Resistance 3: 110.56 supply level

Support 1: 109.48-109.55, daily 50-period SMA June 19 low  
Support 3: 109.20 June 8 low  
Support 4: 108.70 demand level