USD/JPY consolidates the bullish opening gap above 104.00

The USD/JPY pair keeps strong gains above 104 handle in the mid-Asian trades, having found some solid support around 103.80 region, amid resurgence of risk-on moods ahead of the US elections due Wednesday.

USD/JPY manages to regain 104 handle

The dollar-yen pair is seen consolidating the bullish opening gap, triggered by strong bids around the greenback as risk sentiment improved dramatically after the FBI director clears Clinton of the emails case once again.

The FBI statement raised chances of a Clinton win at Wednesday’s US presidential elections again and restored investors’ confidence across the financial markets.

The major is last seen exchanging hand around 104.22, up +1.09% on the day. While Japan’s Nikkei 22 index rallies 1.44% to 17,150 points.

Meanwhile, markets moved past mixed US jobs data, as all eyes remain on the outcome of the upcoming US elections. Hence, the major is likely to get influenced by US election news flow-driven risk trends ahead of the US LMCI data due later in the NA session.

USD/JPY Technical levels to watch 

In terms of technicals , the immediate resistance is located at 104.47 (daily high). A break above the last, the major could test 104.82 (daily R2) and 105.00 (round figure) beyond the last. While to the downside, the immediate support is seen at 103.80 (key support) next at 103.56 (5-DMA) and below that at 102.93 (50-DMA).

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