USD/JPY The recovery seems quite unlikely

The USD/JPY pair fell today to 111.55,a level that has not been visited since June 27th having on the table the current US dollar's weakness. 

Good macro data came from the United States ahead of Wall Street's

opening, but it seems is was not too good to influence the pair. 

The four-hour time frame is showing strong bearish 20-day SMA and the price is developing below the 200-day SMA, while the 100-day SMA is staying flat around 112.91. 

RSI and stochastic are located withing extreme oversold area but had lost directional strength. 

The short term outlook remains bearish. 

First support is seen at 111.53 (the daily low) and next at 111.60. Looking to the upside, the pair challenged by 112.30 and higher at 112.70.