USD/JPY Technical Analysis: Bulls defend 50-hour SMA/ascending trend-line confluence support

   •  Having failed to sustain the overnight up-move beyond the 109.00 handle, the pair met with some fresh supply on Thursday and snapped two consecutive days of winning streak.

   •  The intraday slide has now dragged the pair to confluence support - comprising of 50-hour SMA and a short-term ascending trend-line held since the beginning of this week.

   •  Technical indicators on hourly charts have already started losing positive momentum and maintained their bearish stance on the daily chart, suggesting some fresh weakness. 

   •  A convincing breakthrough the mentioned support will reinforce the bearish outlook and expose the pair to head back towards testing intermediate support near mid-108.00s.

USD/JPY 1-hourly chart