USD/JPY Technical Analysis: Oscillates in a range between 50/100-hour SMAs

   •  The pair's bearish breakthrough an ascending trend-line lacked any follow-through, rather managed to find some support near 50-hour SMA, just ahead of the 108.00 handle.

   •  The rebound, however, remained capped at 100-hour SMA amid persistent USD selling bias and weaker equities, which continued underpinning the JPY's safe-haven demand.

   •  Neutral technical indicators on the 1-hourly chart haven't been supportive of any firm intraday direction, while bearish oscillators on the 4-hourly chart point to further downfall.

   •  Meanwhile, slightly oversold conditions on the daily chart point to an extension of the sideway consolidative price-action or further recovery from Thursday's flash crash low. 

   •  Hence, it would be prudent to wait for a convincing break, either beyond 100-hour SMA or 50-hour SMA, before traders start positioning for any meaningful intraday momentum.

USD/JPY 1-hourly chart