“¢ The pair struggled to capitalize on the early uptick to 1-1/2 week tops and started retreating from a resistance marked by 61.8% Fibonacci level of the 112.14-109.71 recent slide.
“¢ However, the fact that the pair is holding comfortably above important intraday moving averages – 50, 100 & 200-hour SMAs, support prospects for some meaningful dip-buying interest.
“¢ Adding to this, the occurrence of a golden cross on the 1-hourly chart – wherein 50-hour SMA has crossed above 200-hour SMA further add credence to the near-term constructive set-up.
“¢ Meanwhile, oscillators on the daily chart have just recovered from the negative territory and have been gaining positive traction on hourly charts, reinforcing bullish outlook.
“¢ Hence, any meaningful pull-back might be seen as a buying opportunity and a move towards the very important 200-day SMA, around mid-111.00s, remains a distinct possibility.
USD/JPY 1-hourly chart
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