USD/JPY clings to gains with US election underway

USD/JPY has entered a quieter phase as NY traders join markets with all eyes on US presidential vote. 

USD/JPY rose to a 1-week high of 104.80 on Tuesday but then entered a consolidation phase as investors refrain from taking positions ahead of the vote results. Having spent the last hours in a tight range, USD/JPY was last trading at 104.75, still up 0.31% on the day.

“The pair is quite sensitive to US news and data, which means that it will probably be among the biggest movers during the upcoming Asian session,” said Valeria Bednarik, chief analyst at FXStreet.

USD/JPY technical levels

On the upside, immediate resistances are seen at 105.10 (Nov 1 high), 105.50 (Oct 28 high) and 106.00 (psychological level). On the downside, supports could be faced at  break below 104.19 (10-day SMA), 103.72 (Nov 7 low) and 103.00 (psychological level).

To learn more about this topic, check our video analysis:

USDJPY from Tip TV Productions on Vimeo.