USD/JPY technical analysis: Subsequent up-move is likely to remain capped near 109.00 handle

• The USD/JPY pair's overnight pullback managed to find decent support near a confluence support - comprising of 100-hour SMA and 23.6% Fibo. level of the 109.93-107.81 recent slide. 
• The pair regained some traction on Tuesday and climbed back closer to over one-week tops, with bulls making a fresh attempt to extend the momentum further beyond 38.2% Fibo. level.

Meanwhile, technical indicators on hourly charts managed to hold with a mild positive bias but are yet to catch up with the recent up-move on the daily chart, warranting some caution before placing any aggressive bullish bets. 

Hence, any subsequent up-move seems more likely to confront a stiff resistance, rather attract some fresh selling near another confluence barrier – comprising of 50% Fibo. level and one-week-old ascending trend-line.

On the flip side, a convincing break below the overnight swing low, around the 108.30 region, will point to the resumption of the pair’s well-established near-term bearish trend and accelerate the slide back towards sub-108.00 level.

USD/JPY 1-hourly chart