USD/JPY re-takes 104.50 ahead of US elections

The USD/JPY pair found renewed bids near 104.30 levels and from there took on the recovery back towards yesterday’s highs, in sync with broad based USD bounce.

USD/JPY: Focus on US elections

The bulls jump back on the bids as the US dollar stalled its corrective slide against its major peers, sending the USD/JPY pair back above 104.50 levels.

However, further recovery remains limited as markets remain on the back foot and refrain from placing any directional bet ahead of the US presidential elections due later in the day. The major is last seen exchanging hand at 104.53, up +0.06% on the day.

USD/JPY Technical levels to watch 

In terms of technicals , the immediate resistance is located at 104.64 (Nov 7 high). A break above the last, the major could test 104.88 (Oct 25 high) and 105.00 (round figure) beyond the last. While to the downside, the immediate support is seen at 104.10/09 (20 & 10-DMA) next at 103.86 (5-DMA) and below that at 102.97 (50-DMA).

To learn more about this topic, check our video analysis