USD/JPY Technical Analysis: Holds above an ascending trend-channel/100-hour SMA confluence support

   •  A weaker opening around the US equity markets prompted some safe-haven buying and exerted some downward pressure during the early North-American session.

   •  Technically, the price has been trending higher alongside a short-term ascending trend-channel formation on the 1-hourly chart over the past two weeks or so.

   •  The channel support coincides with 100-hour SMA and would act as a key trigger for the bearish traders amid broad-based USD weakness.

   •  Meanwhile, indicators on the mentioned chart have started losing positive momentum, albeit are holding comfortably in the bullish territory on the daily chart. 

   •  Hence, any meaningful dip towards the lower trend-line support, coinciding with 100-hour SMA, would be bought into and thus, limit any immediate fall. 
 

USD/JPY 1-hourly chart

Spot Rate: 112.61
Daily High: 112.71
Daily Low: 112.40
Trend: Bullish

Resistance
R1: 112.71 (current day swing high)
R2: 113.00 (round figure mark)
R3: 113.30 (R3 daily pivot-point)

Support
S1: 112.40 (current day swing low)
S2: 112.10 (200-period SMA H1)
S3: 111.91 (S3 daily pivot-point)