USD/JPY Technical Analysis: Remains supported near 200-hour EMA amid risk-on mood

   •  The pair extended its sideways consolidative price action through the early European session, with 200-hour EMA protecting the immediate downside amid the prevalent risk-on mood.

   •  Neutral technical indicators on hourly charts haven't been supportive of any firm intraday direction, though bullish oscillators on the daily chart point to further near-term positive move.

USD/JPY 1-hourly chart

   •  Bulls, however, seemed to wait for a sustained move beyond the 111.00 handle before positioning for a further up-move towards challenging 100-day SMA barrier near the 111.50 region.

   •  A follow-through buying has the potential to lift the pair further towards reclaiming the 112.00 handle, coinciding with near two-month-old ascending trend-channel on the daily chart.

Daily chart