USD/JPY Technical Analysis: Intraday positive move stalls near 1-1/2 week old descending trend-line hurdle

   •  The pair caught some fresh bids on Thursday and built on the overnight goodish bounce from the 111.00 neighbourhood, a support marked by 50% Fibo. level of the 109.71-112.40 up-move.

   •  Bulls, however, struggled to make it through a 1-1/2 week old descending trend-line barrier, around the 111.65-70 region, also nearing 200-hour SMA and closely followed by 23.6% Fibo. level.

   •  A sustained breakthrough the mentioned resistance might suggest that the near-term corrective slide has already ended and the pair is all set to aim back towards testing multi-month tops. 

   •  Alternatively, a decisive break below the 111.00 round figure mark will negate the constructive outlook and turn the pair vulnerable to accelerate the slide towards 61.8% Fibo. near the 110.70 region.

USD/JPY 4-hourly chart