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   “¢   The pair extended its steady intraday climb through the mid-European session, albeit continued with its struggle to make it through the 112.00 round figure mark.

   “¢   The recent range-bound price action constituted towards the formation of a rectangular chart pattern on the 1-hourly chart, marking a pause in the recent bullish trend.

   “¢   The fact that the pair is holding comfortably above important daily moving averages – 50, 100 & 200-day SMA, support prospects for an eventual bullish breakout and additional gains.

   “¢   Oscillators on 4-hourly/daily charts maintained their bullish bias and have again started gaining positive traction on the 1-hourly chart, adding credence to the constructive outlook.

   “¢   Traders, however, are likely to wait for a sustained move beyond the mentioned handle before placing any aggressive bids for further appreciation towards 112.55-65 horizontal zone.

USD/JPY 1-hourly chart

USD/JPY

Overview:
       Today Last Price:  111.96
       Today Daily change:  26  pips
       Today Daily change %:  0.23%
       Today Daily Open:  111.7
Trends:
       Daily SMA20:  110.67
       Daily SMA50:  109.84
       Daily SMA100:  111.38
       Daily SMA200:  111.35
Levels:
       Previous Daily High:  112.02
       Previous Daily Low:  111.64
       Previous Weekly High:  112.08
       Previous Weekly Low:  110.35
       Previous Monthly High:  111.5
       Previous Monthly Low:  108.73
       Daily Fibonacci 38.2%:  111.78
       Daily Fibonacci 61.8%:  111.87
       Daily Pivot Point S1:  111.55
       Daily Pivot Point S2:  111.41
       Daily Pivot Point S3:  111.18
       Daily Pivot Point R1:  111.93
       Daily Pivot Point R2:  112.16
       Daily Pivot Point R3:  112.31