USD/JPY Technical Analysis: Greenback bulls taking a breather as 109.80 provides resistance

• USD/JPY is stalling on Monday as bulls are having a hard time to climb above 109.81 which is the 100-period simple moving average on the 4-hour time frame. 
• Bears will try to erase last Friday’s gains and bring the pair back to the 109.00 handle while bulls will attempt to break above the 109.81 level to resume last week’s bull trend. 
• As USD/JPY is trading below its 50 and 100-period SMA on the 15-minute time frame, bears are in a good posture to potentially extend the pullback towards the 109.00 region.

USD/JPY 15-minute chart

Spot rate:                109.49
Relative change:    -0.04%     
High:                        109.78
Low:                         109.37

Trend:                       Neutral

Support 1:               109.00 handle
Support 1:               108.40 May 31 low
Support 2:               108.00-108.10 area, figure and last week’s low

Resistance 1:         109.81, 100-period simple moving average (4-hour)
Resistance 3:         110.79 May 22 low
Resistance 3:         111.41 May 21 high