USD/JPY Technical Analysis: Acceptance above 200-hour SMA support prospects for further intraday gains

   •  The pair extended its sideways consolidative price-action and remained confied in a range bleow 50% Fibo. level of the 112.14-109.71 recent corrective slide.

   •  The fact that the pair has managed to find acceptance above 200-hour SMA - for the first time in over a week, support prospects for additional intraday gains.

   •  Moreover, oscillators on hourly charts have also started gaining traction and further add credence to the constructive outlook amid improving risk sentiment.

   •  A sustained move beyond the 111.00 handle will reaffirm the bullish bias and lift the pair back towards testing the very important 200-day SMA, around mid-111.00s.

USD/JPY 1-hourly chart