FxWirePro: USD/JPY probes 2-week lows, outlook bearish

USD/JPY chart - Trading View 

USD/JPY was consolidating previous session's losses, outlook remains bearish.

The pair has tested 2-week lows at 102.96 on Wednesday's trade before paring some losses to close at 103.16.

Cautious optimism over the US coronavirus (COVID-19) stimulus and vaccine exerts an initial burden on the greenback.

Further, the comments from Japanese Economy Minister Nishimura also highlight fears of a national emergency considering the latest jump in the virus cases.

The Japanese yen remains depressed and cushions downside in the pair. Major trend however, remains bearish.

Stochs and RSI are biased lower and RSI is well below 50 mark, negative DMI dominance supports weakness.

Next major bear target lies at 102.80. Break below to see further weakness. US jobless data and risk catalyst to remain main drivers for price action.

Major Support Levels: 

S1: 102.65 (Trendline support)

S2: 102 (Psychological mark)

S3: 101.80 (Trendline support)

Major Resistance Levels: 

R1: 103.45 (5-DMA)

R2: 103.67 (21-EMA)

R3: 104.21 (55-EMA)

Summary: Major trend in the pair is bearish. Bears target 102.65 (trendline support). Watch out for break below for further downside.