USD/JPY Technical Analysis: USD/JPY breaking below 112.00 ahead of FOMC

• USD/JPY is currently reversing the daily gains after USD/JPY failed to breakout above the 112.19 level. 
• USD/JPY momentum is shifting to bearish in the short-term, especially if the market stays below the 111.82-112.00 area. Supports to the downside are seen near the 111.39 May 21 swing high and 111.02-111.16 area, previous intraday swing lows. 
• The FOMC statement at 18:00 GMT is likely going to deliver volatility in USD-denominated pairs. 

USD/JPY 15-minute chart

Spot rate:                 111.73
Relative change:      -0.11%     
High:                        112.17
Low:                         111.70

Trend:                       Neutral

Resistance 1:  111.82-112.00 area, supply level and figure
Resistance 2:  112.19-112.40 area, July 11 high and intraday swing low 
Resistance 3:  112.64 July 12 high
Resistance 4:  113.18, 2018 high
Resistance 5:  113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 6:  114.45 October 27, 2017 high 

Support 1:    111.64 supply/demand level
Support 2:    111.39 May 21 swing high
Support 3:    111.02-111.16 area previous intraday swing lows
Support 4:    110.90 June 15 swing high
Support 5:    110.75, July 23 low
Support 6:    110.58 July 26 low
Support 7:    110.27 July 4 low