USD/JPY Technical Analysis: Bulls await a convincing breakthrough 100/200-hour SMA confluence hurdle

 The pair recovered around 30-pips from an intraday low level of 110.85, albeit the steady climb stalled ahead of important moving-averages (100 & 200-hour SMAs) confluence hurdle. 

   •  However, technical indicators on the 1-hourly chart have maintained a mildly positive bias and thus, support prospects for an extension of the intraday positive momentum. 

   •  Given that the pair, over the past three weeks or so, has shown resilience below 100-day SMA, even a slight recovery in risk sentiment would be enough to provide a meaningful lift.

USD/JPY 1-hourly chart

Spot Rate: 111.08
Daily Low: 110.85
Trend: Intraday bullish

Resistance
R1: 111.25 (Friday's post-NFP swing high)
R2: 111.76 (R2 daily pivot-point)
R3: 112.00 (round figure mark)

Support
S1: 110.85 (current day swing low)
S2: 110.55 (100-day SMA)
S3: 110.00 (S2 daily pivot-point)

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