USD/JPY Technical Analysis: 1hr time frame is bearish, but Bollinger band support argues bid to 21-D SMA, 109.76

• USD/JPY has stabilised to form what could be the making of a W-Bottom pattern.
• A break of 109.10 opens the Bollinger band W-Bottom break up point.
• Bulls can target the 21-D SMA at 109.76.
• Should 108.60 give out, the trend stays bearish and opens the 100-D SMA/50-D SMA convergence at 108.20.

USD/JPY 1-hr chart

Spot rate:                    108.73
Relative change:       -0.63%     
High:                            109.44
Low:                             109.29

Trend:                          Bearish

Support 1:                 108.55/60 BB and PP support.
Support 2:                 108.18 PP 1M, 100-D SMA meets 50-D SMA.
Support 3:                 106.82 S1 1M 

Resistance 1:            109.10 BB WB break up point.
Resistance 2:            109.76/92 21-D SMA / PP-1W 
Resistance 3:            110.89 R1-1W