USD/JPY Technical Analysis: USD/JPY supported above 111.00 level

• USD/JPY is in its fourth day of consolidation after the currency pair broke to the upside on July 31. 
• USD/JPY is struggling to find a clear direction, however, bulls have a slight advantage as they have the long-term trend on their side. 
• Bulls objective is to reconquer the 111.82-112.00 area to target 113.18, the 2018 high. Bears want a bear breakout below the 111.02-111.16 area in order to initially retake the swing low at 110.58.

USD/JPY 15-minute chart

USD/JPY daily chart

Spot rate:                 111.39
Relative change:      0.15%     
High:                        111.54
Low:                         111.14

Trend:                       Neutral to bullish

Resistance 1:  111.39 May 21 swing high
Resistance 2:  111.64 supply/demand level
Resistance 3:  111.82-112.00 area, supply level and figure
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:    111.02-111.16 area, figure and current August 6 low
Support 2:    110.90 June 15 swing high
Support 3:    110.75, July 23 low
Support 4:    110.58 July 26 swing low
Support 5:    110.27 July 4 low