USD/JPY Technical Analysis: Bulls showing some resilience below mid-112.00s

   •  The pair struggled to build on the FOMC minutes-led strong up-move to one-week tops and remained under some selling pressure through the mid-European session.

   •  The downtick, however, lacked any follow-through below a confluence region, comprising of 200-hour SMA and 23.6% Fibo. level of this week's up-move from the 111.65-60 region.

   •  Meanwhile, technical indicators on hourly/daily charts haven't been supportive of any firm intraday directional bias, though resilience below mid-112.00s supports prospects for additional gains.

   •  Moreover, the fact that the pair is holding comfortably above other two important intraday moving averages - 50 & 100-hour SMAs, further add credence to the near-term bullish outlook.

   •  Alternatively, a convincing break through the mentioned support and 50-hour SMA might negate the construction set-up and prompt some aggressive long-unwinding trade.
 

USD/JPY 1-hourly chart