- USD/JPY extends volatile trade as markets weigh the positive vs negatives of Trump presidency.
- The pair hit lows of 104.96 on reports of Anti-Trump protests across America.
- Has recovered losses and is currently trading at 105.57 levels as markets now perceive Trump’s victory is in the interest of US economic growth.
- San Francisco Fed Chief Williams was on the wires saying there would be no change in approach to monetary policy following election.
- Technically, the major is biased for further upside and we see scope for test of 200-DMA at 106.58.
- The pair is struggling at major trendline resistance at 105.95, break above to resume upside.
- Major support levels - 105, 104.76 (5-DMA), 104.25 (20-DMA)
- Major resistance levels - 105.95 (trendline), 106.58 (200-DMA), 107, 107.49 (July 21 high)
Recommendation: Good to long on dips around 105, SL: 104.25, TP: 105.95/ 106.55/ 107
