FxWirePro: USD/JPY loses momentum but outlook is bullish
USD/JPY declined in the US session as worries over the U.S. election increased demand for safe haven assets. The Japanese yen was favored on Tuesday as concerns over the outcome of the upcoming U.S. elections weighted on…
USD/JPY declined in the US session as worries over the U.S. election increased demand for safe haven assets.
The Japanese yen was favored on Tuesday as concerns over the outcome of the upcoming U.S. elections weighted on the dollar.
However, further decline is set to be limited as the strong support at 103.93 is set to hold the bears from declining further below and bring rebound back to higher levels.
Immediate support can be seen at 104.64, a break below this level will expose the pair to next support level at 104.33 levels.
Major resistance can be seen at 105.53 a break above this level will open the door towards 106.10.
