USD/JPY chart - Trading View
USD/JPY posted marginal gains early on Monday's trade, but upside seems to lack traction.
Latest survey conducted by the Bank of Japan (BOJ) showed on Monday that sentiment amongst Japanese manufacturing and services firms improved for the second straight month this year.
The headline index for big manufacturers’ sentiment improved to minus 10 in December from minus 27 in September.
Big non-manufacturers’ sentiment also recovered to minus 5 from minus 12 in September. Big firms plan to cut their capital expenditure by 1.2% in the current business year to March 2021.
The major was trading largely rangebound on the day at 104.00 at around 04:20 GMT, with session high at 104.06 and low at 103.84.
Technical bias for the pair remains bearish. 5-DMA caps upside on the day 104.10. Resumption of weakness eyes trendline support at 103.45.
21-EMA is stiff resistance at 104.22. Bearish invalidation only above daily cloud.
