FxWirePro: USD/JPY holds marginal gains, struggles for direction around 5-DMA

USD/JPY chart - Trading View 

USD/JPY was trading 0.09% higher on the day at 103.37 at around 08:40 GMT,  after closing largely unchanged in the previous session.

The pair treads water around 5-DMA as markets await clear direction. Bias tilted bearish.

In its December economic report, the Japanese government kept overall economic view unchanged in December.

The report showed the govt cut its view on private consumption, but said the economy is showing signs of picking up.

On the other side, the US Congress members are voting on the $900 billion aid package and $1.4 trillion omnibus spending bill. Passage of the US aid package can aid US dollar recovery.

That said, the Sino-American tussle will keep gains in check. US announced further visa restrictions on Chinese officials as well as a broader ban on goods made with forced labor.

Technical bias tilted towards the downside. Major and minor trend are bearish. Decisive break above 21-EMA required to change near-term bias.