Description
⋅ USD/JPY extends volatile trade as markets weigh the positive vs negatives of Trump presidency.
The pair hit lows of 104.96 on reports of Anti-Trump protests across America.
Has recovered some losses as markets now perceive Trump’s victory is in the interest of US economic growth.
San Francisco Fed Chief Williams was on the wires saying there would be no change in approach to monetary policy following election.
Technically, the major is biased for further upside and we see scope for test of 200-DMA at 106.58.
The pair is struggling at major trendline resistance at 105.95, break above to resume upside.
Major support levels - 105, 104.76 (5-DMA), 104.25 (20-DMA)
Major resistance levels - 105.95 (trendline), 106.58 (200-DMA), 107, 107.49 (July 21 high)
Good to long on dips around 105, SL: 104.25, TP: 105.95/ 106.55/ 107