USD/JPY Price Analysis: Holds steady around 109.00 mark, bias seems tilted in favour of bulls

• USD/JPY attracted some dip-buying near 38.2% Fibo. level.
• The technical set-up supports prospects for additional gains.

The USD/JPY pair traded with a mild negative bias through the early North-American session, albeit has been showing some resilience below 50-hour SMA.

This is closely followed by the daily swing lows, around the 108.70-65 region, which coincides with 38.2% Fibonacci level of the 111.72-106.92 recent slide.

The mentioned region is likely to act as a key pivotal point for intraday traders, below which the pair could slide further towards the 108.25 region (100-hour SMA).

Meanwhile, technical indicators on hourly/daily charts have managed to hold in the bullish territory and support prospects for a further near-term appreciating move.

However, it will be prudent to wait for a sustained move beyond the 109.30-40 supply zone (50% Fibo. and the overnight swing high) before placing fresh bullish bets.

Above the mentioned barrier, the pair is likely to head towards testing 61.8% Fibo. level, around the 109.80 region, before aiming towards the key 110.00 psychological mark.

USD/JPY 1-hourly chart

Technical levels to watch