USD/JPY Technical Analysis: Ascending trend-channel support prospects for additional gains

   •  The pair built on its steady intraday climb from 100-hour SMA support and touched a 1-1/2 week high in the last hour, inching back closer to the 113.00 handle. 

   •  The pair has been trending higher alongside a bullish channel on the 1-hourly chart, with bulls now eyeing a sustained break through the channel resistance. 

   •  Technical indicators on hourly/daily charts continue to hold in positive territory and thus, reinforce prospects for a near-term bullish breakout amid fading safe-haven demand.

   •  However, a convincing break below the 112.20 horizontal area might negate the near-term constructive outlook and turn the pair vulnerable to slide further.
 

USD/JPY 1-hourly chart