Dollar weakened on Wednesday mainly related to US presidential election. Investors are nervous because of the uncertainty caused by the investigation conducted by the FBI on Hillary Clinton’s emails. As the result, demand on the Japanese yen increased.
The greenback fell to and 12-days low against yen after a poll showed that the Republican candidate Donald Trump outperformed Hillary Clinton after FBI said that they will investigate newest evidence related to Clinton’s emails.
Intraday bias for USDJPY remains bearish. MA 20 and MA 50 are still falling on hourly chart and the price currently is moving below those MA. Our intraday key resistance area is within 103.447-103.717. For today, I plan to look for sell signal confirmation on a pull-back move to within the resistance area with target at 103.280 and 103.010 in extension.
Be very careful if the price managed to break resistance at 103.717 because it will turn the intraday bias into bullish and possibly will push USDJPY higher to 103.884-104.154.
Trading Plan: Sell on bearish signal confirmation within 103.447-103.717; target at 103.280 or 103.010