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The USD/JPY pair, which is stuck around 103.80, needs to regain the 104.40 mark to turn bullish, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“The latest optimism comes from the US and Joe Biden’s inauguration, to take place later today. He nominated Janet Yellen as Treasury Secretary, who spoke yesterday pledging to boost stimulus. Biden is expected to sign multiple executive orders today, to reverse some of Trump’s decisions.”

“A long-term descendant trend line in the 104.30 price zone provides critical resistance, and the USD/JPY pair would need to firmly advance beyond 104.40 to turn bullish.”