2 November 2016, 06:29
•USD/JPY hits new weekly low of 103.66, JPY bulls extend control for the second straight session amidst persisting risk-off.
•On the daily charts the pair has broken below 20-DMA at 104.02, intraday bias lower.
•Market caution heading into the FOMC decision later on the day likely to keep USD/JPY undermined.
•News flow related to the US elections will be also closely monitored for further impact on the major.
•The pair is currently holding minor trendline support at 103.66, break below could see further drag.
•Major support levels - 103.65 (trendline), 103.51 (cloud top), 103.34 (trendline)
•Major resistance levels - 104.02 (20-DMA), 104.33 (10-DMA), 104.54 (5-DMA)
Recommendation: Good to go short on rallies around 103.90/104, SL: 104.55, TP: 103.65/ 103