The USD/JPY pair fell during the session on Wednesday as the US dollar got a bit of a beating for the presidential election returns. The 80 handle offered support though, and right now it appears that there could be an attempt to elevate this pair. However, this may have more to do with a running to the US dollar in general, and not necessarily a running from the Yen.
This can be seen in several other currency pairs right now, as the dollar gained against almost everything. In a sense, that creates some false bullishness in this market, and because of that we only look at this as an anomaly instead of genuine trading opportunity. However, if we do manage to break above the 80.50 level we would be more than willing to go long.
Written by FX Empire