FxWirePro: USD/JPY off lows, markets cheer robust risk appetite amid vaccine hopes and ongoing stimulus

USD/JPY chart - Trading View 

USD/JPY edges higher from multi-week lows at 105.11 as markets cheer robust risk appetite amid vaccine hopes and stimulus from the Fed. 

The major was trading 0.24% higher on the day at 105.63 at around 05:15 GMT, bias remains bearish.

Tensions between the US and China and an absence of clear direction concerning the much-awaited fiscal package are likely to keep gains limited. 

On the data front, Japan’s Corporate Service Private Index rose past-0.5% forecast to 0.8% in June.

Technical bias for the pair is strongly bearish. Recovery attempts lack traction. Immediate resistance is seen at 105.78 (55H EMA).

Scope for resumption of weakness. Dip till 103.95 likely. Retrace above 'Triangle Base' could negate near-term bearish bias. 

Support levels - 104.75 (Trendline), 103.95 (200 M MA)

Resistance levels - 106.20 (5-DMA), 106.80 (21-EMA)