USD/JPY Technical Analysis: Bullish reversal facing strong resistance at 110.40 level

• USD/JPY main bull trend is in correction mode since July 19. 
• USD/JPY is finding resistance at the 110.40 supply/demand level, the 200-period simple moving average and the bearish trendline from August 15. Targets are the 109.91-97 area and the 109.37 June 25 swing low. 
• A bull breakout above 110.58 would negate the bearish bias. 

USD/JPY 15-minute chart

Spot rate:                 110.37
Relative change:      0.28%     
High:                        110.46
Low:                         109.76

Main trend:                       Bullish 
Short-term trend               Bearish below 110.58

Resistance 1:    110.40 supply/demand level
Resistance 2:    110.58 July 26 swing low
Resistance 3:    110.75, July 23 low

Support 1:    110.10 August 13 swing low
Support 2:    109.91-97 area, 200 and 100-day simple moving average
Support 3:    109.37 June 25 swing low
Support 4:    109.19 June 8 low