USD/JPY: 'Trumped" bulls can't make a break for it, risk-off here to stay?
Currently, USD/JPY is trading at 103.31, down -0.81% on the day, having posted a daily high at 104.18 and low at 103.02.
Despite the hawkish statement, USD/JPY remains better offered on the day, a fade on rallies, and extends yesterday's supply from 105.17 and has made fresh lows today at a touch above the 103 the figure. The major is currently trying to break up, but lacks conviction and "Trumped" markets on Wall Street are still very cautious given the Trump factor while we are less than a week away from the US elections that could well be the event of the year and a trend setter for the next couple of years ahead, at least. A Trump Presidency? Clinton Coming Apart at the Seams & A Market in Turmoil
Key event: US election panel
Meanwhile, don't miss our US election panel with expert guests, Adam Button and Martin Armstrong, hosted by FXStreet's Ross Burland.
FOMC: December hike remains likely scenario - BBH
The FOMC left rates on hold at 0.25-0.50%, as widely expected, although this time the vote was 8-2 with only George and Mester dissenting. There was lots of repetition in the statement, and a pretty muted action in the market as a result.
Full statement Fed decision: Nov 2, 2016
USD/JPY levels
USD/JPY remains better offered below the May low at 105.55 and broke below the top of the cloud at 103.52. "We look for the market to remain well supported by the base of the cloud at 101.78," suggested analysts at Commerzbank, adding, "Longer term we suspect that the market is basing and target the 107.49 July high and the 200 day ma at 107.05 at this stage. The base would offer an additional upside measured target to approximately 109.50."
Meanwhile, with spot trading at 103.31, we can see next resistance ahead at 103.59 (Hourly 20 EMA), 103.59 (Daily Classic S1), 103.77 (Weekly Classic S1), 103.80 (Yesterday's Low) and 103.87 (Daily 20 SMA).
Support below can be found at 103.02 (Daily Classic S2), 103.02 (Daily Low), 102.88 (Daily 100 SMA), 102.83 (Weekly Classic S2) and 102.25 (Daily Classic S3).
Key event: US election panel
Meanwhile, don't miss our US election panel with expert guests, Adam Button and Martin Armstrong, hosted by FXStreet's Ross Burland.