USD/JPY Technical Analysis: Finds some support ahead of 100-hour SMA/38.2 Fibo. confluence region

   •  The pair stalled its rejection slide from the 110.00 handle and managed to find some support ahead of confluence support, recovering around 20-pips from daily lows.

   •  The mentioned support, comprising of 100-hour SMA and 38.2% Fibo. level of the 108.50-110.16 recent up-move, would now act as a key pivotal point for intraday traders. 

   •  Mixed technical indicators on hourly/daily charts haven't been supportive of any firm direction and hence, it would be prudent to wait for a decisive break in either direction.

   •  Weakness below mid-109.00s now seems to pave the way for a further downfall, while a decisive break-through the 110.00 mark might trigger a near-term short-covering rally.

USD/JPY 1-hourly chart