FxWirePro: USD/JPY finds stiff resistance at 109.95, good to sell rallies

• USD/JPY fell below the 110.00 handle after Masatsugu Asakawa's (vice-minister of finance for international affairs) comments that Yen intervention will stay in toolbox.
   
• Downside found strong support by risisng trendline at 109.40, pair has seen a bounce off the trendline support.
   
• Hourly charts show stiff resistance at 109.95 levels (1H 50&10-SMAs), intraday bias is lower.
   
• US dollar also remains subdued due to the US services PMI for May which added to the bearishness in the manufacturing sector.
   
• That said, rising expectations that the Fed could hike at any of the next few meetings likely to keep downside limited.
   
• Immediate support and resistance are seen at 109.61 (10-DMA) and 110.34 (23.6% Fib June 2015 to May 2016 fall).
  ​

Trade Idea: Sell rallies around 109.80/90, SL: 110.35, TP: 109.45/109.25