USD/JPY chart - Trading View
USD/JPY was trading 0.35% lower on the day at 104.98 at around 04:20 GMT, near-term bias turning bullish.
The pair is consolidating the previous session whopping gains, closed 1.95% higher at 105.35 on Monday's trade.
The investor sentiment was buoyed by reports that a coronavirus vaccine developed by Pfizer Inc. and BioNTech SE prevented over 90% of infections.
Despite the Joe Biden victory, USD buoyed on the belief that there will not be a need for huge stimulus if a vaccine is administered throughout the US population.
Near-term trend is turning bullish with MACD showing bullish crossover on the signal line.
The pair finds stiff resistance at 105.50 (nearly converged daily cloud and falling trendline). Break above will buoy prices higher.
Next major hurdle aligns at 110-EMA at 105.86 ahead of 38.2% Fib at 106.43. Bullish invalidation on retrace below 21-EMA.
