USD/JPY Technical Analysis: Flirting with ascending trend-line support near 111.00 mark, NFP awaited

   •  Fresh concerns about the health of the global economy provided a strong boost to the JPY's relative safe-haven status and prompted some aggressive selling around the major.

   •  A sustained weakness back below the very important 200-day SMA was seen as a key trigger for bearish traders and behind the pair's sharp intraday slide to over one-week lows.

   •  The downward momentum further dragged the pair below 23.6% Fibo. level of the 108.50-112.14 up-move, with bears now eyeing a decisive break through the 111.00 mark.

   •  The mentioned handle marks a short-term ascending trend-line support, extending from early Feb. lows, and should act as a key pivotal point for the pair’s near-term trajectory.

   •  Technical indicators on hourly charts are already pointing to oversold conditions and seemed to be the only factor helping limit further downside ahead of today’s key data risk – NFP.

USD/JPY daily chart