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   “¢   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

USD/JPY

Overview:
       Today Last Price:  111.16
       Today Daily change:  3  pips
       Today Daily change %:  0.03%
       Today Daily Open:  111.13
Trends:
       Daily SMA20:  111.02
       Daily SMA50:  109.91
       Daily SMA100:  111.35
       Daily SMA200:  111.4
Levels:
       Previous Daily High:  111.7
       Previous Daily Low:  110.78
       Previous Weekly High:  112.14
       Previous Weekly Low:  110.78
       Previous Monthly High:  111.5
       Previous Monthly Low:  108.73
       Daily Fibonacci 38.2%:  111.13
       Daily Fibonacci 61.8%:  111.35
       Daily Pivot Point S1:  110.7
       Daily Pivot Point S2:  110.28
       Daily Pivot Point S3:  109.78
       Daily Pivot Point R1:  111.63
       Daily Pivot Point R2:  112.13
       Daily Pivot Point R3:  112.56