- USD/JPY hits new weekly low of 103.66, JPY bulls extend control for the second straight session amidst persisting risk-off.
- On the daily charts the pair has broken below 20-DMA at 104.02, intraday bias lower.
- Market caution heading into the FOMC decision later on the day likely to keep USD/JPY undermined.
- News flow related to the US elections will be also closely monitored for further impact on the major.
- The pair is currently holding minor trendline support at 103.66, break below could see further drag.
- Major support levels - 103.65 (trendline), 103.51 (cloud top), 103.34 (trendline)
- Major resistance levels - 104.02 (20-DMA), 104.33 (10-DMA), 104.54 (5-DMA)
Recommendation: Good to go short on rallies around 103.90/104, SL: 104.55, TP: 103.65/ 103.35/ 103
