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   “¢   The pair held on to a mildly positive tone for the second consecutive session on Tuesday, albeit trimmed a part of its early gains to over six-week high level of 110.65.

   “¢   The pair struggled to capitalize on the early uptick and failed near a confluence barrier – comprising of 55-day SMA and 61.8% Fibo. level of the 114.21-104.69 downfall.

   “¢   Slightly overbought conditions on hourly charts seemed to be the only factor capping gains, rather prompting some long-unwinding trade amid a modest USD pull-back.

   “¢   However, oscillators on the daily chart have just started gaining positive traction and support prospects for an extension of the recent bullish break through the 110.00 handle.

   “¢   Hence, any dips back towards the mentioned resistance break-point might now be seen as a buying opportunity for an eventual move beyond the 111.00 round figure mark.

USD/JPY daily chart

USD/JPY

Overview:
       Today Last Price:  110.49
       Today Daily change %:  0.08%
       Today Daily Open:  110.4
Trends:
       Daily SMA20:  109.53
       Daily SMA50:  110.35
       Daily SMA100:  111.72
       Daily SMA200:  111.28
Levels:
       Previous Daily High:  110.47
       Previous Daily Low:  109.7
       Previous Weekly High:  110.16
       Previous Weekly Low:  109.43
       Previous Monthly High:  110
       Previous Monthly Low:  104.75
       Daily Fibonacci 38.2%:  110.18
       Daily Fibonacci 61.8%:  109.99
       Daily Pivot Point S1:  109.91
       Daily Pivot Point S2:  109.42
       Daily Pivot Point S3:  109.13
       Daily Pivot Point R1:  110.68
       Daily Pivot Point R2:  110.96
       Daily Pivot Point R3:  111.45