USD/JPY Technical Analysis: Falls to 1-1/2 week lows, bears await a break through near 2-month old ascending channel support

   •  The pair extended this week's retracement slide from YTD tops and remained under some selling pressure for the second consecutive session on Wednesday.

   •  The momentum dragged the pair to 1-1/2 week lows, with bears eyeing a test of near two-month-old ascending trend-channel support amid the prevalent risk-off mood.

   •  Bearish technical indicators on hourly charts point to further declines, though neutral oscillators on daily chart warrant some caution before placing any aggressive bearish bets. 

   •  Hence, it would be prudent to wait for a convincing break through the mentioned trend-channel before confirming that the pair might have already topped out in the near-term.

   •  Below the mentioned support, the pair is likely to weaken further below the key 110.00 psychological mark and test its next support near the 109.60 horizontal zone.

   •  However, a sustained move beyond the 111.00 handle might negate the bearish outlook and assist the pair to aim towards challenging 100-day SMA, around mid-111.00s.

USD/JPY 4-hourly chart