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USD/JPY advanced Monday after U.S. President Trump signed off on the coronavirus relief bill, with liquidity thinned out in the festive season. The news that U.S. Pres-elect Biden is planning to invoke the Defence Production Act to boost the production of Covid-19 jabs lent further support to risk appetite, sapping strength from JPY.
- Monday saw Japanese off'ls confirm the detection of a case of the new coronavirus variant, first found in South Africa.
- USD/JPY has edged lower in early trade, last deals -12 pips at Y103.70. Dec 17 low of Y102.88 provides the initial layer of support and a break here would open up the 1.00 projection of Oct 7 - Nov 6 downleg from Nov 11 high at Y102.75. Bulls need a clearance of Dec 21/28 highs of Y103.89/90 before taking aim at Dec 11 high of Y104.28.
- Japanese economic calendar is empty into the year-end.