FxWirePro: EUR/JPY slips below daily cloud, better-than-expected EU Consumer Confidence indicator fails to impress
FxWirePro: USD/JPY extends range trade, focus on Retail Sales data for impetus
USD/JPY chart - Trading View
USD/JPY was extending range trade in the Asian session, with session high at 107.03 and low at 106.85.
The pair is consolidating above 55-EMA and scope for resumption of upside as technical studies do not show any weakness.
US yield curve steepens to widest in more than a month, adding support to the U.S. dollar.
Bearish pressures may stem from the US Congress’ inability to pass the much-anticipated additional coronavirus stimulus bill.
Focus now on U.S. Retail Sales data due later today at 12:30 GMT for further impetus. UMitch Consumer Sentiment Index due 14:00 could also influence price action.
Resumption of upside will see test of 110-EMA at 107.24. Breakout there will fuel further upside.
On the flipside, 55-EMA is immediate support at 106.75. Break below will negate any upside bias.