“¢ Despite Friday’s sharp intraday pullback, the pair showed some resilience below the very important 200-day SMA and managed to regain traction at the start of a new trading week.
“¢ The mentioned support, currently near mid-111.00s, might now act as a key pivotal point for the pair’s next leg of a directional move and an important trigger for bearish traders.
“¢ Meanwhile, the intraday up-move ran into resistance near the 100-hour SMA, though bullish oscillators on the 1-hourly/daily charts support prospects for some dip-buying interest.
“¢ However, any subsequent up-move is likely to confront fresh supply near another confluence barrier near the 111.85 region ahead of the latest FOMC policy update on Wednesday.
“¢ The said barrier comprises of 200-hour SMA and a short-term descending trend-line, which if cleared should pave the way for a further near-term appreciating move for the major.
USD/JPY 1-hourly chart
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