USD/JPY: Greenback bulls parked below 113.55 resistance ahead of the US mid-term elections

The mid-term elections in the US should steal the show in the Asian sesssion.
USD/JPY contained in a tiny range below 113.55 resistance ahead of the event.

Flavio Tosti Independent Analyst

USD/JPY is trading up 0.13% near the 113.55 resistance this Tuesday. Bulls have been trying to break this level since late October but so far all attempts have failed.

The currency pair is evolving in a 35-pip range ahead of the US mid-rem elections. The results should be revealed between midnight and 6:00 GMT. Recent polls suggest that Republicans might lose control of the House, which can keep the US Dollar under some relative pressure, therefore helping USD/JPY to potentially go down.

On the macroeconomic front, earlier in the session the ISM services index rose to 60.3 in October versus 59.3 forecast in favor of the Greenback.

The technical pictures remain predominantly neutral to bearish with 113.55 acting as strong resistance in the last weeks of trading. The 113.00 figure is the support to beat for bears. A break below that level can open the doors to 112.55 September 27 low. On the flip side, a break above 113.55 on a daily closing basis could lead to a bull leg to 114.00 figure and 114.57 October high.

USD/JPY 4-hour chart

Additional key levels at a glance:

USD/JPY

Overview:
    Last Price: 113.36
    Daily change: 14 pips
    Daily change: 0.124%
    Daily Open: 113.22
Trends:
    Daily SMA20: 112.52
    Daily SMA50: 112.39
    Daily SMA100: 111.73
    Daily SMA200: 109.95
Levels:
    Daily High: 113.35
    Daily Low: 113.08
    Weekly High: 113.4
    Weekly Low: 111.78
    Monthly High: 114.56
    Monthly Low: 111.38
    Daily Fibonacci 38.2%: 113.24
    Daily Fibonacci 61.8%: 113.18
    Daily Pivot Point S1: 113.08
    Daily Pivot Point S2: 112.94
    Daily Pivot Point S3: 112.8
    Daily Pivot Point R1: 113.35
    Daily Pivot Point R2: 113.49
    Daily Pivot Point R3: 113.63

Author

Flavio Tosti

Independent Analyst

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