USD/JPY Technical Analysis: Eases from multi-week tops, dip-buying to limit any meaningful pull-back

   •  The pair held on to a mildly positive tone for the second consecutive session on Tuesday, albeit trimmed a part of its early gains to over six-week high level of 110.65.

   •  The pair struggled to capitalize on the early uptick and failed near a confluence barrier - comprising of 55-day SMA and 61.8% Fibo. level of the 114.21-104.69 downfall.

   •  Slightly overbought conditions on hourly charts seemed to be the only factor capping gains, rather prompting some long-unwinding trade amid a modest USD pull-back.

   •  However, oscillators on the daily chart have just started gaining positive traction and support prospects for an extension of the recent bullish break through the 110.00 handle.

   •  Hence, any dips back towards the mentioned resistance break-point might now be seen as a buying opportunity for an eventual move beyond the 111.00 round figure mark.

USD/JPY daily chart