FxWirePro: USD/JPY trades weak, markets show little reaction to the final U.S. presidential debate
USD/JPY chart - Trading View
USD/JPY trades weaker on the day, down 0.11% at 104.71 at the time of writing, technical outlook is bearish.
Markets show little reaction to the final U.S. presidential debate, the major continues to trade in a narrow range as caution prevails.
Hopes that Congress may pass a stimulus package before the election has driven bond prices lower. U.S. House speaker Nancy Pelosi said there was progress in stimulus talks.
On the other side, China has announced anti-dumping measures on U.S., South Korea, EU rubber imports following an investigation launched in June 2019.
China's Ministry of Commerce said on Friday that it will impose temporary anti-dumping measures on some rubber imports from the United States, South Korea, and the European Union from Oct. 28.
Escalating politcal tensions will have an impact on market risk, further weighing on the pair. Technical analysis also shows a bearish bias.
The pair finds immediate support at 104.43 (rising trendline). Break below will see drag till 104. Bearish invalidation only above daily cloud.
Support levels - 104.43 (trendline), 104 (Double bottom)
Resistance levels - 105.01 (5-DMA), 105.30 (21-EMA)