USD/JPY chart - Trading View
USD/JPY was trading 0.02% lower on the day at 103.77 at around 04:55 GMT, extending previous session's weakness.
The pair has failed to hold early gains and has retraced from session highs at 103.98, outlook remains bearish.
Price action continues to drift lower within its recent bearish channel, suggesting further losses are likely.
Bouts of strength on the back of positive vaccine news seem to be short-lived. Markets weigh long-term economic impact from the pandemic.
Investors now assume that the Federal Reserve would boost monetary stimulus, compensating for the lack of effort on the fiscal front, keeping the dollar depressed.
Little support for the pair till 101.70 (Trendline). On the flipside, 5-DMA is immediate resistance at 104.17. Bearish invalidation only above daily cloud.
