USD/JPY breaks pattern

Source: Dukascopy Bank SA


As the US election approaches, the USD/JPY bulls appear to have taken profit, as the rate broke the channel up pattern on October 31. It appears that the rate is waiting for this week's fundamental events near the 151.50 mark.

In the near term future, the pair will react to the major fundamental events. However, watch the round exchange rate levels that could act as support and resistance, cause reversals and eventually reveal patterns.
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