USD/JPY unable to build on tepid recovery gains

The USD/JPY pair has failed to build on to its tepid recovery, albeit has held on to minor gains and is currently hovering around 100.20 level. 

Weakness in European equity markets has been supportive for the safe-haven appeal of the Japanese Yen and is hindering further recovery for the major. 

In absence of any economic releases from the US, the major will continue to driven by prevalent risk-on/off sentiment and broader demand surrounding the US Dollar.

How strong has the move been?

USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. RSI is in neutral territory at 47.62, down from its last hourly close at 51.54, while ADX is ranging above 30 at 15.40, down from 19.17 at the last hourly close.

Looking to a daily chart, we see that RSI is neutral at 34.63. The 200 SMA is currently at 100.20, down from 101.04 at the last period close, and declining on the hourly USD/JPY chart. Moving with a downward trend, the exponential average closing price is 101.97.

What price levels and patterns have to be considered?

Immediate resistance ahead at 100.38 (Daily Classic R1), 100.44 (Hourly 100 SMA), 100.48 (Daily High), 100.50 (Weekly Classic S1) and 100.51 (Yesterday's High). Next support to the downside can be found at 100.01 (Daily Classic PP), 99.89 (Daily Open), 99.89 (Monthly Low) and 99.89 (Weekly Low).

Looking at price patterns, we can see a Piercing Line 1-hour candlestick formation, and a Dark Cloud Cover 4-hour formation.