USD/JPY chart - Trading View
USD/JPY has closed the bearish gap open and is currently trading above the 104 handle amid broad-based U.S. dollar demand.
The major was trading 0.16% higher at 104.12 at around 06:40 GMT, slightly lower from session highs at 104.22.
US stimulus hopes rises with the Democratic victory in the US 2020 elections. Markets expect faster proceedings towards the much-awaited US aid package.
The Sino-American tussle and holiday in Japan dent risk-on mood and can keep the USD/JPY bulls pressured.
The pair has broken above 55-EMA, but remains capped below major trendline resistance at 104.20.
Cloud also offers stiff resistance and decisive break above to see further upside. Major trend is bearish, but cloud breakout could change near-term bias.
