USD/JPY Price Analysis: Fades bounce off 200-HMA but bulls stay hopeful

• USD/JPY keeps pullback from three-week top, pressured of late.
• Steady RSI, sustained trading above 13-day-old support line favor buyers.

USD/JPY sellers flirt with the 110.00 during early Thursday, keeping U-turn from multi-day top marked the previous day.

Even so, 200-HMA and an ascending trend line from August 16 favor the pair buyers amid a steady RSI line.

Although the quote drops below 109.90 immediate support, 61.8% Fibonacci retracement of August 16 to September 01 upside, around 109.60, quickly followed by multiple supports near 109.50, can challenge the USD/JPY bears.

Meanwhile, recovery moves will have to stabilize beyond the 110.00 round figure to lure fresh buying.

Following that, 110.30 and the monthly peak of 110.42 will gain the market’s attention ahead of August month’s high of 110.80.

Overall, USD/JPY remains in the bullish trajectory until it holds above 109.90.

USD/JPY: Hourly chart

Trend: Bullish