USD/JPY Technical Analysis: Overbought conditions on hourly charts warrant some consolidation before the next leg of up-move

   •  Having shown resilience below 200-day EMA earlier this week, the pair witnessed a dramatic intra-week turnaround from sub-111.00 level and rallied to over five-week tops on Friday.

   •  The pair added to its recent strong gains recorded over the past two weeks, from 109.70 area, and has now turned positive for the third consecutive week amid fading safe-haven demand.

   •  Bullish oscillators on the daily chart support prospects for additional gains, though overbought conditions on hourly charts warrant some near-term consolidation before any further up-move.

   •  Hence, any subsequent up-move might confront some supply near the 112.15 region (early March swing high), above which the pair seems set to test 112.60 resistance en-route the 113.00 handle.

USD/JPY daily chart