USD/JPY technical analysis: Flatlined near 111.50 despite breakout on hourly chart

• USD/JPY is struggling to find takers despite bullish developments on the hourly chart. 
• A break above 111.53 needed to validate the falling wedge breakout. 

Despite the repeated failure on the part of the sellers to keep the pair below the 200-day moving average and the falling wedge breakout on the hourly chart, the USD/JPY pair is struggling to gather bullish momentum.

The spot is currently trading largely unchanged on the day at 111.50.

The pair will likely challenge 112.00 ahead of the NY close if the pair finds acceptance above 111.53, validating the bullish wedge breakout seen on the hourly chart.

The bullish case, however, would weaken if the spot falls back into the falling wedge pattern.

Hourly chart

Trend: Bullish above 111.53

Pivot points