USD/JPY Technical Analysis: USD/JPY finds resistance near 111.20 level

• USD/JPY is keeping the trading range theme intact this Monday as USD/JPY found resistance at the 111.16 resistance.
• As the 50, 100 and 200-period simple moving averages are coiled together the market lacks a clear directionality. 
• However, a daily close below last week low at 110.58 would likely be seen as a bearish clue and more selling can be on the cards in such scenario. The 110.27 level, July 4 low, would be the first scaling point to the downside.

USD/JPY 15-minute chart 

Spot rate:                 111.00
Relative change:      -0.04%     
High:                        111.18
Low:                         110.88

Trend:                       Neutral / Bearish on a close below 110.58

Resistance 1:  111.02-111.16 previous intraday swing lows
Resistance 2:  111.39 May 21 swing high
Resistance 3:  111.60-111.80 area, 23.6% and 38.2% Fibonacci retracement low/high July 11
Resistance 4:  112.19-112.40 area, July 11 high and intraday swing low 
Resistance 5:  112.64 July 12 high
Resistance 6:  113.18, 2018 high
Resistance 7:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 8:  114.45 October 27, 2017 high 

Support 1:    110.90 June 15 swing high
Support 2:    110.75, July 23 low
Support 3:    110.58 July 26 low
Support 4:    110.27 July 4 low