USD/JPY chart - Trading View
USD/JPY was trading largely muted at around 104.49 at 05:20 GMT, with session high at 104.60 and low at 104.42.
The pair slipped lower in opening trade as positive news on Moderna's COVID-19 vaccine trial added boost for stock markets and weighed on the greenback.
On the data front, the New York Fed’s November Empire Manufacturing Index fell for the second consecutive month to 6.3 from 10.5.
Details of the report showed new orders fell back to 3.7 from 12.3 and shipments dropped sharply to a five-month low at 6.3 from 17.8.
The pair trades with a bearish bias. Major trend has been strongly bearish. Minor recovery attempts were capped at cloud and falling trendline.
Stochs and RSI are biased lower and upside remains capped at 20-DMA. Price action has slipped below 200H MA.
Scope for dip till 104 mark. Further weakness will see test of 103.18 (Nov Lows). 20-DMA is immediate resistance at 104.60. Bearish invalidation above daily cloud.
