USD/JPY Technical Analysis: Set-up points to an extension of the near-term positive momentum

   •  The pair has been trending higher over the past 1-1/2 weeks alongside an ascending trend-line and now seems to have found acceptance above the 112.00 handle.

   •  The pair has managed to hold above intraday important moving averages (50, 100 & 200-hour SMAs) and technical indicators on hourly/daily charts maintain a mild positive bias.

   •  The set-up support prospects for an extension of the pair's near-term positive momentum and a move towards July swing high, beyond the 113.00 handle, now looks a distinct possibility.
 

USD/JPY 1-hourly chart

Spot Rate: 112.13
Daily Low: 111.66
Daily High: 112.28
Trend: Bullish

Resistance
R1: 112.28 (current day swing high)
R2: 112.46 (R3 daily pivot-point)
R3: 112.88 (July daily closing high)

Support
S1: 111.85 (horizontal zone)
S2: 111.69 (S1 daily pivot-point)
S3: 111.46 (200-period SMA H1)