USD/JPY Technical Analysis: Drops below 110.00 on bearish RSI divergence

• USD/JPY has failed to hold above 200-day MA resistance at 110.18 despite risk-on action in the equities.
• The bearish price-relative strength (RSI) divergence seen in the hourly chart signals scope for a deeper pullback. 
• The chart also shows the pair has breached a key accelerated trendline. 

Hourly chart

Spot rate: 109.91

Daily high: 110.22

Daily low: 109.91

Trend: Bearish

Resistance

R1: 110.18 (200-day moving average)

R2: 110.48 (Feb. 2 high)

R3: 111.40 (May high)

Support

S1: 109.84 (5-day moving average)

S2: 109.44 (10-day moving average)

S3: 108.76 (50-day moving average)