USD/JPY Technical Analysis: Bulls defend 200-hour SMA/61.8% Fibo. confluence support, at least for now

   •  The pair extended the overnight dismal US data-led retracement slide from YTD tops and remained under some selling pressure for the second consecutive session on Friday.

   •  The downward momentum has now dragged the pair closer to confluence support, comprising of 200-hour SMA and 61.8% Fibo. level of the 109.61-111.13 recent leg of an up-move.

   •  Technical indicators on the 4-hourly chart have just started gaining negative momentum but are on the verge of dropping into the oversold zone on the 1-hourly chart, warranting some caution.

   •  Hence, traders are likely to wait for a sustained break below the mentioned support before positioning for any further near-term downside amid bullish oscillators on the daily chart. 

USD/JPY 1-hourly chart