USD/JPY Technical Analysis: Bullish MAs indicate dips could be short-lived

• The USD/JPY looks set to test the symmetrical triangle resistance of 114.08 and could move past that hurdle if Fed's Q3 GDP indicates the economy is showing resilience in the face of rising overseas risks and Fed's Powell boosts bets of an extended tightening cycle.
• The relative strength index on the hourly and 4-hour chart is signaling overbought conditions. The dips, if any, however, could be short-lived as the ascending 20-, 50-, 100-, and 200-hour moving averages (MAs) are trending north, indicating the path of least resistance is on the higher side.
• The dollar bulls need to watch out for a deeper pullback in the US 10-year yield, though, as the yield barely moved after hawkish comments from Fed's Clarida and is struggling to move past the former-support-turned resistance of double top neckline of 3.057 percent.

Hourly Chart

Trend: Bullish