Intraday Forex Friday, November 5 (USDJPY, EURUSD, & etc.) The dollar had ceded its earlier gains as Biden edged ever so closer to the White House.


Hi everyone. This observation is made around 4:00 UTC today, with 15 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares jumped on Thursday as investor focus likely lingered on the U.S. election result. While the presidential election race result remained cloudy, Republican and Democrat expected to retain their respective control on the Senate and House, makes it harder to make way for new laws, regulations, and approval of awaited government stimulus.
Gold advanced as dollar ceded its earlier gain. Oil prices down more than 1% earlier.

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  • The dollar settled back to 104.28 yen, having briefly spiked up as high as 105.34 overnight to 2-week high.​
  • The pair remains mid-range as sellers returned to contain price action.​
  • USD/JPY gave up early gains and retreated from a 2-week high as uncertainty over the outcome of the U.S. presidential election boosted the safe-haven demand for the yen.​
  • The yen also garnered support on comments from BOJ Governor Kuroda, who said on Wednesday that the BOJ will maintain its 2% price target and that he sees no need for a policy review now, which dampened the chances of the BOJ expanding QE.​
  • The pair in cautious mood as traders braced for volatility around the U.S. presidential election result.​
Important Levels to Watch for Today:
  • Resistance line of 105.104 and 105.394.
  • Support line of 104.167 and 103.877.

  • The euro at $1.1734 in Asia on Thursday, recovered from the previous session, after the stronger dollar pushed the euro to a 3-month low of $1.1603 overnight.
  • EUR/USD on Wednesday initially tumbled to a 3-1/4 month low as dovish ECB comments boosted the chances of additional ECB stimulus.
  • The Federal Reserve, which is expected to keep policy on hold on Thursday, is also in focus as traders navigate market volatility in the wake of a knife-edge U.S. election.
  • Expectations that a Biden win will take a slightly softer tone on trade policy is likely to weaken the dollar against the currencies of countries that often faced the threat of tariffs during Trump’s administration.
  • Even if Biden manages to surmount the legal challenges from Trump to become the next president, Republicans look likely to retain control of the Senate and can use that to impasse Biden’s fiscal policy agenda - another complicating factor for currency traders.
  • Concern about slower Eurozone economic growth also undercut the currency, as more countries implement stay-at-home measures.
Important Levels to Watch for:
  • Resistance line of 1.17662 and 1.18062.
  • Support line of 1.16368 and 1.15968.

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