USDJPY – daily Tenkan-sen to ideally cap extended consolidation above weekly cloud base

The pair bounced above 109.00 handle in early Thursday’s trading and recovered over 50% of previous day’s losses on extension to 109.40 so far.
Near-term action is entrenched within 108.60/109.82 range in past few days, which is seen as consolidation of larger downtrend and strong support provided by weekly cloud base (108.83) as bears were unable to break support clearly.
The upper boundary of congestion is reinforced by daily Tenkan-sen (109.77) which should keep upticks limited before bears resume towards next key support at 108.11 (14 Apr low).
Recent attempts through supports at 108.83/80 (50% of larger 101.39/118.66 rally / 14 June low) so far failed to close below here and generate stronger signal for bearish resumption, signaling the pair may stay in extended consolidation before continuing lower.
Firm bearish setup of daily studies is supporting the notion.
Only sustained break above daily Tenkan-sen (109.77) and falling 20SMA (109.90) would bears on hold for stronger corrective action.

Res: 109.50; 109.77; 109.90; 110.52
Sup: 109.00; 108.84; 108.60; 108.11