USD/JPY Technical Analysis: USD/JPY consolidating daily gains above 110.40 level ahead of FOMC

• USD/JPY is trading sideways for the second day in a row as market participants are awaiting the FOMC meeting minutes at 18:00 GMT. 
• USD/JPY recovered Asian losses in the early European trade and is now consolidating above the 110.40 level.
• USD/JPY is currently capped by the 110.75 level as the market is having a slight bullish bias as it is trading above the 200-period simple moving average (SMA).

USD/JPY 15-minute chart

Spot rate:                 110.62

Relative change:       0.11%     
High:                        110.72
Low:                         110.28

Trend:                       Neutral to Bullish above 110.21

Resistance 1:  110.62-75 supply level and June 21 high 
Resistance 2:  110.90 June 15 swing high
Resistance 3:  111.39 May 21 swing high
Resistance 4:  112.05 February 2 low

Support 1: 110.40 supply/demand level
Support 2: 110.21 June 22 high
Support 3: 109.90-110.00 area supply level and figure
Support 4: 109.55 June 19 low 
Support 5: 109.20 June 8 low