USD/JPY (current price: 103.08)
The pair got back above several prior resistance levels following the results of the election, but it continues to trade near its 2-year lows, just above the crucial 100 level. The pair is around the lower boundary of a declining long-term trend channel with strong resistance looming at 103.50 and around 105.50. The 200-day MA is still way above the current rate at 114.50, so even a significant correction would leave the underlying downtrend intact.
Our assessment: The pair rebounded strongly on Monday, but it remains below key resistance levels that might stop the oversold rally in the coming weeks.
