USD/JPY Forecast November 8, 2016, Technical Analysis

The USD/JPY pair gapped higher at the open on Monday, as the FBI announced that they were not going to suggest charging Hillary Clinton after going through the 650,000 emails. Because of this, traders seem to be favoring a democratic election, as it gives us more of the “status quo” in the United States. A pullback from here should continue to find plenty of support though, as we have seen for quite some time. A break above the 105 level is a very bullish sign and should continue to push this market towards the 107 level.