USD/JPY Technical Analysis: Intraday bounce remains capped below 200-DMA ahead of US retail sales

   “¢   Despite Friday’s disappointing headline NFP print, the pair managed to defend and regain positive traction from a support marked by the lower end of a short-term ascending trend-channel formation.

   “¢   Technical indicators on the daily chart maintained their bullish bias but are holding in the neutral territory on the 1-hourly chart and have also started gaining negative traction on the 4-hourly chart.

   “¢   Moreover, the fact that the attempted intraday bounce remained below the very important 200-day SMA also warrant some caution before positioning for any further appreciating move for the major.  

   “¢   Traders now look forward to today’s important release of the US monthly retail sales data, which might influence the USD price dynamics and eventually provide some meaningful trading impetus.

   “¢   Sustained move beyond the mentioned hurdle might assist the pair to aim towards reclaiming the 112.00 handle, though a decisive break below the trend-channel would mark a fresh bearish breakdown.

USD/JPY daily chart