FxWirePro: USD/JPY struggles for clear direction, 5-DMA caps upside at 103.21, bias tilted bearish

USD/JPY chart - Trading View 

USD/JPY was trading marginally lower at 103.01 at around 04:25 GMT, bias tilted bearish.

The pair is struggling to find clear directional bias, extends choppy trade around 103 handle.

Risk-aversion amid fears of the new coronavirus strain and the cautious mood ahead of the Georgian elections likely to keep the dollar bid, this limiting downside.

That said, US fiscal policy remains accommodative and optimism for an H2 economic rebound remain intact.

Also, Japan’s Chief Cabinet Secretary Katsunobu Kato said that the government is working towards making a decision on announcing a state of emergency this Thursday.

Technical bias for the pair remains strongly bearish. Major and minor trend as evidenced by GMMA are bearish.

Price action continues lower in a 'Falling Wedge' pattern. Upside for now remains capped at -DMA and scope for test of Wedge base at 102.75.