USD/JPY Technical Analysis: dip-buying to limit any immediate sharp downslide

   •  Formation of a rectangular chart pattern on hourly charts suggest consolidation just below the psychologically important 110.00 mark and the very important 200-day SMA. 
   •  Short-term technical indicators hold in bullish territory and further add credence to the near-term positive outlook.
   •  Sustained break below 109.75-70 horizontal zone might negate bullish view and prompt some long-unwinding weakness.

USD/JPY 1-hourly chart

Spot Rate:  109.81
Daily High:  110.00
Trend:  Bullish

Resistance
R1:  110.00 (session high and R1 daily pivot-point)
R2:  110.17 (Friday's swing high)
R3:  110.46 (May 25th daily swing high)

Support
S1:  109.60 (50-period SMA H1)
S2:  109.19 (S1 daily pivot-point
S3:  109.00 (round figure mark)