The USD/JPY pair lacked any firm directional bias and remained confined in a range, above the 104.00 mark through the Asian session.

A combination of diverging forces failed to assist the pair to capitalize on the overnight positive move of around 25 pips and led to a subdued/range-bound price action on Wednesday. Positive news on COVID-19 vaccines boosted investors' confidence and undermined demand for the safe-haven Japanese yen. This, in turn, was seen as one of the key factors lending some support to the USD/JPY pair.