USD/JPY Intermarket: Trump is catching up, risk off tone in markets

Currently, USD/JPY is trading at 104.27, down -0.80% on the day, having posted a daily high at 105.48 and low at 104.16.

While it is impossible to keep up with the volatility, the correlations remain in place and the usual suspects are on board. Twitter reports are suggesting Trump has won Florida, although the market is not buying it just yet as only 91% of the votes have been counted 491. and 47.8% at time of writing. Nevertheless, S&P futures are down, the Yen is strong and yields are dropping. Gold at $1,287, has been a chop, is faded on risk-off rallies, but currently back on the bid on the rumors of a Florida victory for Trump. In Ohio Trump is now leading as well.

States in play: Watch Florida, Ohio, North Carolina, Virginia

USD/JPY levels

With spot trading at 104.28, we can see next resistance ahead at 104.28 (Yesterday's Low), 104.52 (Daily Classic S1), 104.72 (Weekly Classic R1), 104.87 (Daily Classic PP) and 104.89 (Hourly 20 EMA). Support below can be found at 104.25 (Hourly 200 SMA), 104.16 (Daily Low), 103.94 (Daily Classic S2), 103.88 (Daily 20 SMA) and 103.83 (Hourly 100 SMA).