The USD/JPY weakened and gave up ground early during the American session, with the pair falling to retest the lower side of today's range. The USD/JPY failed once again to break above the 104.25/30 zone and turned lower, dipping below 104.00 to a session low of 103.91 before finding support. At time of writing, the USD/JPY is trading at the 104.00 zone, recording a 0.2% loss on the day. The US calendar is empty and Wall Street is closed given the Martin Luther King's Day. USD/JPY technical outlook From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that the USD/JPY holds a negative tone in short-term charts. "Last Friday low of 103.85 comes as immediate support, with price accelerations below it exposing the 103.40 area for later today", said Bednarik.