USD/JPY Technical Analysis: Safe-haven Yen dumped as Navarro said markets have over-reacted

• USD/JPY gained about 60 pips as Peter Navarro, “one of President Donald Trump's top trade advisors, said the market was overreacting to fears the administration would restrict foreign investment as part of its trade actions against China and other countries,” according to CNBC.
• USD/JPY broke above the bearish trendline as bulls are holding USD/JPY above the daily 50-period simple moving average at 109.48
• USD/JPY failed to regain the 109.90-110.00 area. 

USD/JPY 15-minute chart

Spot rate:                 109.76      

Relative change:     -0.21%     
High:                        110.05
Low:                         109.36

Trend:                       Neutral 

Resistance 1: 109.90 supply level
Resistance 2: 110.21 June 22 high
Resistance 3: 110.56 supply level

Support 1: 109.48-109.55, daily 50-period SMA June 19 low 
Support 2: 109.20 June 8 low  
Support 3: 108.70 demand level