USDJPY heads towards key support at 108.72 on fresh risk-off mode

The pair remains firmly in red and extends below 109.00 handle on fresh risk-off mode. Steady descend from repeated rejection near key 111.00 barrier eyes key supports at 108.83/72 (weekly cloud base /11 Aug low), break of which would open next key support at 108.11 (14 Apr low) and spark stronger descend on break here, in extension of fall from double-top at 111.00 zone that was formed on daily chart.
Bearish continuation of larger downtrend from 118.66 could extend to 106.50 (Fibo 61.8% of 98.99/118.66 (Jun-Dec 2016 rally) on firm break below 108.11 pivot.
Session high at 109.57 marks initial resistance, followed by falling 10 SMA at 109.84.

Res: 109.57; 109.84; 110.00; 110.32
Sup: 108.72; 108.11; 107.88; 107.35