USD/JPY Technical Analysis: Upside calling, but a key falling trendline is playing spoilsport

• The USD/JPY pair is looking north, having defended the bullish (ascending) 100-day moving average (MA), however, a key falling trendline seen in the hourly chart needs to be scaled to confirm a bullish reversal.
• A break above the trendline hurdle would open the doors to the 50-day MA hurdle lined up at 111.00.
• On the downside, a daily close below the 100-day MA of 110.51 will likely embolden the bears.

Hourly chart

Spot Rate: 110.43

Daily High: 110.50

Daily Low: 110.03

Trend: Bullish above trendline hurdle of 110.45

Resistance

R1: 110.45 (trendline hurdle)

R2: 110.67 (200-hour moving average)

R3: 111.00 (50-day moving average)

Support

S1: 110.30 (50-hour moving average)

S2: 110.00 (psychological level)

S3: 109.77 (previous day’s low)