USD/JPY Technical Analysis: Stuck in a range below 109.00 handle in pre-NFP lull

   •  The pair extended its sideways consolidative price action and remained capped below 50-hour SMA, or the 109.00 handle ahead of the keenly watched US monthly jobs report (NFP).

   •  The mentioned hurdle coincides with 38.2% Fibonacci retracement level of the 109.74-108.50 post-FOMC sharp fall and should now act as a key pivotal point for short-term traders. 

   •  Meanwhile, neutral technical indicators on the 1-hourly chart have failed to support a firm intraday direction and are still far from recovering from the bearish territory on 4-hourly/daily charts.

   •  Hence, it would be prudent to wait for a sustained move beyond the mentioned confluence hurdle before positioning for any further up-move towards reclaiming the key 110.00 psychological mark.

USD/JPY 1-hourly chart