FxWirePro: USD/JPY retraces from 2-week lows, modest pickup in US dollar demand supports
USD/JPY chart - Trading View
USD/JPY has retraced most of the previous session's losses and edged higher from 2-week lows at 103.32.
The major was trading 0.14% higher on the day at 103.62 at around 08:45 GMT, scope for further upside.
Following the previous day's consolidative price move with a 'Spinning Top' formation on Thursday's candle, price is gaining traction.
Expectations for generous fiscal spending under Biden's presidency will likely keep pressure on the dollar.
Major trend in the pair is bearish. That said, break above 21-EMA will see gains till 55-EMA at 103.97.
Focus remains on the flash version of US PMI prints due later in the NY session for some short-term trading impetus.