USD/JPY's in a fourth straight week with higher weekly lows

USD/JPY is highly positively correlated to the USD index

And the USD index is negatively correlated to S&P, i.e. risk

Even with the biggest ever November S&P rise, USD/JPY's basing

Prices are by the 21-DMA, kijun and 50% Fibo of Nov's range in 104.40s

Bulls need a close above last week's 104.76 EBS high for traction

Fed Chairman Powell likely to argue for more fiscal, monetary support

But until Jan. 5 Senate seat runoffs fiscal prospects are modest

Broad downtrend since March is intact below its TL at 105.39 today

The 100-DMA and daily cloud top also reinforce the main downtrend

ISM, Powell and Mnuchin still to come today

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