USD/JPY technical analysis: Intraday bullish spike faces rejection near 100-hour EMA, just above 107.00 handle

• The USD/JPY pair faded an intraday bullish spike and quickly retreated over 50-pips from the Asian session swing high - levels just above the 107.00 round figure mark. 
• The intraday positive move faltered near a confluence resistance - comprising of 100-hour EMA and 38.2% Fibo. level of the 109.32-105.52 recent slump of nearly 400-pips. 
• Despite the pullback, the pair has still managed to hold with goodish intraday gains near 23.6% Fibo. level - around mid-106.00s amid improving global risk sentiment.

Meanwhile, technical indicators on the 1-hourly chart have just started gaining positive momentum and support prospects for a further intraday positive move, albeit bearish oscillators on 4-hourly/daily charts warrant caution before placing any aggressive bets.
 
Hence, it will be prudent to wait for a sustained move beyond the daily swing high, around the 107.00-107.10 region, in order to confirm that the pair might have bottomed out in the near-term and positioning for an additional recovery towards the 107.50-60 supply zone.
 
The latter marks another confluence region - comprising of a previous congestion zone and 50% Fibo. level, which if cleared will set the stage for an extension of the recovery momentum and accelerate the move back towards reclaiming the 108.00 round figure mark.
 
On the flip side, weakness below the current resistance zone now seems to find some support near the 106.10-106.00 band, below which the pair might turn vulnerable challenge mid-105.00s support before eventually dropping to the key 105.00 psychological mark.

USD/JPY 1-hourly chart