USD/JPY Technical Analysis: Set-up favors a move towards 100-DMA resistance near 111.60-65 region, FOMC minutes awaited

   •  The pair struggled to capitalize on the early uptick to multi-day tops and failed ahead of the 111.00 handle, coinciding with the top end of a short-term ascending trend-channel formation.

   •  However, the fact that the pair is holding comfortably above its important intraday moving averages - 50, 100 & 200-hour SMA, support prospects for an eventual bullish breakout.

USD/JPY 1-hourly chart

   •  Oscillators on hourly/daily charts have also moved into the positive territory and add credence to the constructive outlook, though bulls wait for the release of FOMC meeting minutes.

   •  A sustained move beyond the said hurdle should lift the pair towards the 111.60-65 confluence region – comprising of 100-day SMA and another ascending trend-channel resistance.

   •  Alternatively, a decisive break below the trend-channel support, currently near the 110.60 region, could accelerate the slide towards challenging the key 110.00 psychological mark.

4-hourly chart