The USD/JPY pair finished nearly flat last week as investors battled over which currency would be the preferred safe-haven asset ahead of Tuesday’s U.S. presidential election and amid a steep sell-off in U.S. equity markets. Traders showed little reaction to announcements from the Bank of Japan and the shelving of the latest round of U.S. fiscal stimulus talks.
Last week, the USD/JPY settled at 104.672, down 0.031 or -0.03%.
Reuters reported that gauges for implied currency swings in the foreign exchange markets jumped to their highest levels in nearly seven months on last Wednesday as traders anticipated more volatility before the outcome of the U.S. elections.
What's Next?
If this week’s election result is contested by either Donald Trump or Joe Biden, or the result divides the Senate and the House of Representatives between the two parties, safe-haven currencies are likely to gain.
The key level to watch in the USD/JPY is 104.00. Trader reaction to this level will likely determine the next major move in the Forex pair.
Look for the U.S. Dollar to gain if we see a rebound in U.S. Treasuries. The Japanese Yen is likely to benefit from an extremely chaotic situation.
Read more from the original analysis: https://www.fxempire.com/forec...
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