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USD/JPY chart - Trading View
USD/JPY was extending gains along 5-DMA support, outlook remains bullish. The pair was trading 0.10% higher on the day at 105.13 at around 05:10 GMT.
US dollar remains bid amid higher Treasury yields, keeps upside in the pair intact. Price action was grinding higher against 5-DMA support.
Comments from Fed officials favored the need for stimulus while Treasury Secretary Janet Yellen highlighted the dire need for the aid package the previous day.
Market’s sentiment remains cautious ahead of Friday’s US Nonfarm Payrolls for January. Poor data can challenge further up moves.
Technical bias for the pair remains bullish. Upside continuation will see test of 200-DMA at 105.59 ahead of 38.2% Fib at 106.07.
5-DMA is immediate support at 104.94. Break below will see retrace till 110-EMA at 104.60. Retrace below cloud negates any bullish bias for the pair.
