USD/JPY Technical Analysis: Double Top can drive USD/JPY back to 110.00 figure

• USD/JPY is erasing the gains made in the last 24 hours. It is currently also supported by the 50-day simple moving average.
• The bears are creating a double top with August 1 and 110.00 is now the bears' target. 
• A bull breakout above 112.00 would invalidate the bearish bias.

USD/JPY daily chart

Spot rate:                 111.17
Relative change:     -0.45%     
High:                        111.77
Low:                         111.12

Main trend:               Bullish 

Short-term trend:     Bearish below 112.00

Resistance 1:    111.45 August 8 high
Resistance 2:    111.54-111.64 area, August 6, high and supply/demand level
Resistance 3:    112.00-112.15 zone, figure and August 1, swing high
Resistance 4:    112.40 supply level
Resistance 5:    113.18, 2018 high

Support 1:    111.00 figure
Support 2:    110.75, July 23 low
Support 3:    110.00 figure