USD/JPY around 104.30, US elections on sight

Pablo Piovano FXStreet

The greenback is giving away some pips vs. its Japanese peer on Tuesday, with USD/JPY navigating a narrow range around 104.30.

USD/JPY focus on US elections

The pair is following the generalized ‘on hold’ mood prevailing in the global markets as investors remain cautious ahead of the outcome of the US presidential elections due later today.

In the meantime, spot manages to keep the trade above the key barrier at 104.00 the figure following yesterday’s significant advance in response to the FBI-Clinton headlines.

A cautious tone among traders is poised to grow bigger as we get closer to the event despite almost every election poll is favouring Democratic candidate H.Clinton by 2-4 points.

In the US data space, JOLTs Jobs Openings during September are due ahead of the speech by Chicago Fed C.Evans (2017 voter, dovish).

USD/JPY levels to consider

As of writing the pair is down 0.08% at 104.39 and a break below 104.06 (20-day sma) would aim for 102.54 (low Nov.3) and then 101.18 (low Sep.7). On the other hand, the next hurdle is located at 105.55 (high Oct.28) followed by 106.48 (200-day sma) and finally 107.48 (high Jul.21).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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