“¢ The pair struggled to build on the overnight goodish up-move and remained confined in a narrow trading band, between 100/200-hour EMA through the early European session.
“¢ Technical indicators on the 1-hourly chart have been gaining some traction but are yet to catch up with the positive move on 4-hourly/daily charts, warranting caution.
“¢ Hence, it would be prudent to wait for a convincing break through the mentioned range before traders start positioning for any firm intraday directional move.
“¢ Below the 100-hour EMA support, near the 110.45-40 region, the pair is likely to accelerate the slide and aim towards challenging the key 110.00 psychological mark.
“¢ Alternatively, a sustained move beyond 200-hour EMA might prompt some additional short-covering move and lift the pair further beyond the 111.00 handle.
USD/JPY 1-hourly chart
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