USD/JPY chart - Trading View
USD/JPY was trading 0.14% higher on the day at 105.40 at around 10:20 GMT.
The pair is extending sideways for the second straight session and finds stiff resistance at daily cloud and trendline resistance.
5-DMA has turned, MACD shows bullish crossover on signal line, but ADX fails to support the up moves.
GMMA also shows near-term trend has shifted to bullish, but major trend remains neutral with a bearish bias.
Fed speakers have been quite vocal about the downside risks to growth and continued rise in the virus cases across the U.S. and Europe keeps markets cautious.
The major has met resistance at 105.50 levels (Falling trendline, cloud top and 21W EMA) which keeps the potential for a bearish continuation.
On the flipside, decisive breakout above daily cloud will buoy bulls. We then see scope for test of channel top at 105.85.
