During Tuesday, the USD/JPY currency pair depreciated slightly. During today’s morning hours, the pair was highly volatile due to the US Presidential election.
From a technical perspective, it is likely that some upside potential could prevail in the market, as the exchange rate is supported by the 55-, 100– and 200-hour SMAs in the 104.65 area.
In the meantime, the currency pair could trade downwards within the following trading session. In this case the pair could target the weekly S1 located at the 104.13.
