USD/JPY Technical Analysis: Bears fading the daily high and looking at 110.60 target

• USD/JPY bulls are trying to resume the bear trend as they attempted to break above 111.00 figure. 
• USD/JPY failed to break above the descending trendline and the 111.00 level which is considered rather bearish. Targets are located near 110.75 and 110.58 July 26 swing low. 
• A breakout above 111.16 would invalidate the short-term bearish bias.

USD/JPY 15-minute chart 

Spot rate:                 110.93
Relative change:      0.15%     
High:                        111.13
Low:                         110.46

Main trend:                       Bullish 
Short-term trend               Bearish below 111.16

Resistance 1:  111.02-111.16 area, figure and current August 6 low
Resistance 2:  111.45 August 8 high
Resistance 3:  111.54-111.64 area, August 6, high and supply/demand level

Support 1:  110.90 June 15 swing high
Support 2:  110.75, July 23 low
Support 3:    110.58 July 26 swing low
Support 4:    110.40 demand level
Support 5:    110.10 August 13 low