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USD/JPY Outlook: Bulls Struggle At 111 Zone But 200SMA Barrier Is Still In Focus

The pair holds within a narrow range on Friday, extending directionless mode into third straight day.

Bulls struggle at 111 resistance zone, which guards more significant 200SMA (111.30), break of which would generate bullish signal for continuation of recovery leg from 104.59 (2019 low).

Near-term picture remains bullish overall, but daily techs lack momentum and weekly stochastic is overbought that could further weigh on bulls.

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Rising 10SMA tracks the advance in past two weeks and marks solid support at 110.63, loss of which would weaken the structure.

Extension below rising 20SMA (110.08) and psychological 110 support would sideline bulls and signal deeper pullback.

Res: 111.12, 111.30, 111.55, 112.00
Sup: 110.63, 110.31, 110.08, 109.81

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