USD/JPY Technical Analysis: Dips to descending trend-channel support might still be seen as a buying opportunity

   •  The pair continued with its good two-way price action within a narrow trading range and has been struggling to build on the momentum beyond the 112.00 handle/100-hour SMA.

   •  Meanwhile, the recent pullback from YTD tops has been along a short-term descending trend-channel, which constitutes towards the formation of a bullish continuation flag chart pattern.

   •  Technical indicators on hourly charts have been losing momentum but maintained their bullish bias on the daily chart, suggesting some dip-buying interest to emerge at lower levels.

   •  Hence, any meaningful slide towards the trend-channel support, currently near the 111.60 region, might still be looked upon as an opportunity to initiate some fresh bullish positions.

USD/JPY 1-hourly chart