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FxWirePro: USD/JPY trades tight range as markets cautious ahead of US election outcome

Caution across markets ahead of the outcome of the US elections later today. USD/JPY snapped a two-day winning streak, remains subdued, trading in a narrow range. Our previous call (http://www.econotimes.com/FxWirePro-US…

By FxWirePro Team
1 min read
FxWirePro: USD/JPY trades tight range as markets cautious ahead of US election outcome
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  • Caution across markets ahead of the outcome of the US elections later today.
     
  • USD/JPY snapped a two-day winning streak, remains subdued, trading in a narrow range.

  • Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-extends-gains-above-104-handle-after-gap-up-open-intraday-bias-higher-386368) has achieved TP1. 
     
  • We recommend exiting at highs, as elections could see high volatility.
     
  • Major support levels - 104.26 (110-EMA), 104.05 (20-DMA), 103.65 (5-DMA), 103, 102.55 (Nov 3rd low)
     
  • Major resistance levels - 104.63 (Double top Nov 7 & Oct 13), 104.87 (Oct 25 high), 105.25 (trendline).
     

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By FxWirePro Team