USD/JPY Price Analysis: Sustained move beyond mid-111.00s to confirm near-term bullish bias

• USD/JPY remains confined in a multi-day-old trading range near one-month tops.
• The set-up supports prospects for an eventual bullish breakout and additional gains.

The USD/JPY pair extended its sideways consolidative price action on Wednesday and held near one-month highs set in the previous session, or the top end of a four-day-old trading range.

Meanwhile, the pair has been attracting some dip-buying near a short-term ascending trend-line, which currently stands near the 110.70 region and should act as a key pivotal point for traders.

The mentioned support coincides with 100-hour SMA, which if broken decisively, might prompt some aggressive technical selling and accelerate the fall towards the key 110.00 psychological mark.

Meanwhile, technical indicators on hourly charts maintained their bullish bias and have just started gaining positive traction, supporting prospects for an eventual break through the trading range.

However, it will be prudent to wait for a sustained move beyond mid-111.00s before positioning for any further appreciating move, possibly to levels beyond the 112.00 round-figure mark.

USD/JPY 1-hourly chart

Technical levels to watch