USD/JPY Technical Analysis: Recovering some losses post-Trump comment on rate hikes

• USD/JPY fell about 80 pips after US President Trump said that he didn’t like interest rate hikes and a strong USD in a CNBC interview. However, USD/JPY already recovered about 45 pips to the upside. 
• USD/JPY took a strong hit and is now trading below the 50, 100 and 200-period simple moving averages. 
• As long as USD/JPY stays below 112.64 it could indicate that the bearish correction is not over yet and that the bearish pressure can persist.

USD/JPY 15-minute chart 

Spot rate:                 112.50

Relative change:      0.32%     
High:                        113.18
Low:                         112.05

Trend:                       Bullish /Bearish correction

Resistance 1:  112.64 July 12 high
Resistance 2:  113.18, 2018 high
Resistance 3:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 4:  114.45 October 27, 2017 high 

Support 1:    112.19-112.40 area, July 11 high and intraday swing low 
Support 2:    111.60-111.80 area, 23.6% and 23.2% Fibonacci retracement low/high July 11
Support 3:    111.39 May 21 swing high
Support 4:    111.02-111.16 previous intraday swing lows
Support 5:    110.90 June 15 swing high