USD/JPY technical analysis: Near-term set-up favours bullish traders

• The pair has managed to hold above 108.45-50 resistance breakout point.
• Any meaningful dip might be seen as a buying opportunity near 108.00 mark.

The USD/JPY pair held on to its offered tone through the early North-American session on Wednesday, albeit lacked any strong follow-through selling amid a goodish intraday bounce in the US Treasury bond yields.
 
Given that the pair on Tuesday decisively moved beyond the 108.45-50 supply zone, the near-term bias might have already shifted in favour of bullish traders and support prospects for dip-buying interest at lower levels.
 
The mentioned region coincides with the 50% Fibonacci level of the 112.40-104.45 recent downfall, which should now act as a key pivotal point for short-term traders and help determine the pair’s near-term directional move.
 
Meanwhile, technical indicators on the daily chart maintained their bullish bias and have also eased from slightly overbought conditions on the 4-hourly chart, reinforcing the near-term constructive outlook.
 
A sustained move beyond the 109.00 handle will now be seen as a key trigger for bullish traders and accelerate the positive move towards early August swing highs resistance near the 109.30 region (61.8% Fibo. level).
 
Above the mentioned barrier, the pair seems all set to aim towards reclaiming the key 110.00 psychological mark, with some intermediate resistance near the 109.60-65 region, en-route the next major hurdle near mid-110.00s.
 
On the flip side, any meaningful pullback below the mentioned resistance turned support might still be seen as a buying opportunity and thus, help limit further downside near the 109.00-108.90 support zone.

USD/JPY 4-hourly chart