USD/JPY Price Analysis: Bulls await a sustained move beyond 111.00 mark

• USD/JPY quickly reversed a mid-European session dip and rallied back closer to 11.000 mark.
• The set-up seems tilted in favour of bullish traders and support prospects for additional gains.

The USD/JPY pair quickly reversed a mid-European session dip to the 109.80 area and jumped back closer to the 111.00 mark, albeit seemed struggling to extend the momentum.

The pair's intraday slide managed to attract some dip-buying near a support marked by a multi-day-old ascending trend-line, which should now act as a key pivotal point for short-term traders.

Despite the Fed's latest move to introduce an open-ended asset purchase program, concerns over an imminent global recession continued benefitting the USD and helped regain traction.

This coupled with the fact that the pair's recent positive move over the past three weeks or so has been along an ascending trend-channel channel further supports prospects for additional gains.

With oscillators on hourly/daily charts holding in the bullish territory, a subsequent strength beyond the 111.00 round-figure mark might now be seen as a fresh trigger for bullish traders.

The pair then might accelerate the momentum further beyond Friday's swing high, around mid-111.00s, towards the 112.00 mark en-route February monthly tops near the 112.20-25 region.

On the flip side, a convincing break through the mentioned trend-line support, currently near the 109.80 region, might negate the constructive outlook and prompt some technical selling.

USD/JPY 1-hourly chart

Technical levels to watch