FxWirePro: USD/JPY spikes higher, bullish shift in near-term bias likely on close above 21-EMA

USD/JPY chart - Trading View 

USD/JPY was trading 0.33% higher on the day at 104.53 at around 08:45 GMT, extending upside for the 3rd straight session.

US dollar remains bid, risk-off supporting the greenback. US fiscal relief negotiations remained deadlocked and amidst an elusive Brexit deal arrangement, keep markets risk-off.

Price action has broken above stiff resistance at 21-EMA. Daily cloud is now a major hurdle for bulls.

Decisive close above 21-EMA will see change in near-term dynamics. Major resistance for the pair aligns at 104.71 (55-EMA), 105.35 (110-EMA) and 106.36 (200-DMA).

On the flipside, rejection at daily cloud and retrace below 21-EMA will negate any further upside. Dip till 200H MA at 104.20 likely.

Focus shall be on the US Consumer Price Index (CPI) for November for further impetus. Market risk tone will also be a major determinant.