FxWirePro: USD/JPY attempts tepid bounce off 21-EMA support, focus shifts to US PPI data for impetus

USD/JPY chart - Trading View 

USD/JPY was trading rangebound on the day at 109.33 at around 05:00 GMT, risk-off mood lifts dollar.

U.S. dollar plummeted overnight following dovish remarks from Fed Chair Powell, USD/JPY closed 0.53% lower on Thursday's trade.

Powell noted the slow pace of global vaccinations and rising cases in the US as risks to the near-term outlook.

The major is attempting a tepid bounce off 21-EMA support, markets await US PPI data for impetus.

Sentiment remains sour as major Asian economies grapple with spiking covid infections, supporting safe-haven demand for the dollar.

Support levels - 109.28 (21-EMA), 108.98 (23.6% Fib), 108.96 (200W MA)

Resistance levels -109.50 (20-DMA), 109.66 (5-DMA), 110 

Summary: USD/JPY major bias remains bullish as evidenced by GMMA indicator. Price action is pivotal at 21-EMA support, break below will drive further weakness in the pair.