USD/JPY Technical Analysis: Bullish flag pattern spotted on intraday charts

   •  The pair was now seen consolidating along an intraday descending trend-channel and also seems to have formed a firm base near 50-hour SMA.

   •  Given a goodish up-move of around 65-pips over the past 18-hours, the said channel constitutes towards the formation of a bullish flag chart pattern.

USD/JPY 15-mins. chart

   •  The fact that the pair has managed to hold above important intraday moving averages - 50, 100 & 200-hour SMA, add credence to the constructive set-up.

   •  Bullish technical indicators on hourly charts, albeit have struggled to gain any meaningful traction on the daily chart, support prospects for additional gains. 

1-hourly chart

   •  Traders, however, are likely to wait for a bullish confirmation through the flag resistance before positioning for any further appreciating move in the near-term.