USD/JPY Technical Analysis: Turns vulnerable below a horizontal support

   •  The pair struggled to build on overnight rebound from two-week lows and met with some fresh supply near 50-hour SMA.

   •  A follow-through weakness below an important horizontal support now seems to have opened the room for a further near-term downfall.

   •  Technical indicators on the 1-hourly chart hold in negative territory and reinforce prospects for an extension of last week's decline from six-month tops.

USD/JPY 1-hourly chart

Spot rate: 111.03
Daily High: 111.51 
Trend: Bearish

Resistance
R1: 111.33 (50-period SMA H1)
R2: 111.54 (overnight swing high)
R3: 112.03 (R2 daily pivot-point)

Support
S1: 110.75 (2-week lows set in the previous session)
S2: 110.55 (50-day SMA)
S3: 110.07 (S3 daily pivot-point)