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The USD/JPY pair trades around 108.40, with limited bearish scope as it lacks momentum, Valeria Bednarik, Chief Analyst at FXStreet, reports.

See –  USD/JPY: Levels between 109.00 and 110.00 to be the top for this current rally –  MUFG

Key quotes

“The US House has passed on Wednesday the $1.9 trillion stimulus bill, and President Joe Biden will sign in on Friday. The US calendar will include a speech from US President Biden on the first anniversary of the coronavirus-related shutdowns. The country will publish Initial Jobless Claims for the week ended March 5, foreseen at 725K.”

“In the 4-hour chart, a flat 20 SMA caps the upside, while the longer ones maintain their bullish slopes below it. Technical indicators have extended their slides, the Momentum within negative levels, and the RSI holding just above its midline.”