USD/JPY Technical Analysis: Bullish continuation pattern - Pennant spotted on hourly charts

   •  The pair extended its sideways consolidative price action between two converging trend-lines, which constituted towards the formation of a symmetrical triangle on hourly charts.

   •  Given the recent positive move from the 109.70 region, the triangle might be categorized as a bullish Pennant, marking a brief pause before the resumption of the previous trend.

   •  Technical indicators on the daily chart maintained their bullish bias but have already started losing positive traction on hourly charts, warranting caution for aggressive traders. 

   •  Hence, it would be prudent to wait for a decisive break through the mentioned trading range in order to confirm the pair’s near-term trajectory amid holiday-thinned liquidity conditions.

USD/JPY 1-hourly chart