USD/JPY chart - Trading View
USD/JPY extends range trade along 21-EMA, with session high at 104.53 and low at 104.38.
The safe-haven dollar is under pressure on expectations of further fiscal stimulus and coronavirus vaccine-driven economic optimism.
On the data front, ADP private sector employment in the US increased by 307,000 in November, lower than economists' forecasts of a 410,000 rise in new jobs.
Focus now on the highly anticipated Nonfarm Payrolls slated for the end of the week for further impetus.
Major trend in the pair is bearish. Technical indicators do not show any major signs of upside in the pair.
On an intraday basis we see neutral bias for the pair. Recovery finds stiff resistance at 21-EMA. Decisive break above will see upside till 55-EMA.
On the flipside, 5-DMA is immediate support at 104.30. Break below could see further weakness. Major support aligns at 101.65 (trendline).
