Japanese Yen Moves Higher Ahead Of U.S. Elections: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Pulls Back Amid Profit-Taking

USD/JPY pulled back as traders focused on general weakness of the U.S. dollar. It looks that traders decided to take some profits off the table ahead of U.S. elections. U.S. dollar enjoyed a strong rally from September lows, and it’s not surprising to see that market participants are ready for profit-taking.

In case USD/JPY manages to settle below the 152.00 level, it will head towards the nearest support level, which is located in the 149.50 – 150.00 range.

EUR/USD Moves Higher Ahead Of PMI Report

EUR/USD gains ground as traders wait for the release of the Euro Area Manufacturing PMI report. The report is expected to show that Euro Area Manufacturing PMI increased from 40.6 in September to 42.6 in October.

The nearest resistance level for EUR/USD is located in the 1.0900 – 1.0915 range. A successful test of this level will push EUR/USD towards the next resistance level at 1.1000 – 1.1015.

AUD/USD Faced Resistance At 0.6610 – 0.6620

AUD/USD moved higher as traders reacted to the pullback in Treasury yields. The yield of 2-year Treasuries declined towards the 4.17% level, while the yield of 10-year Treasuries settled below 4.32%.

From the technical point of view, AUD/USD faced resistance in the 0.6610 – 0.6620 range and pulled back from session highs. If AUD/USD settles below the 50 MA at 0.6596, it will head towards the next support level at 0.6550 – 0.6560.

NZD/USD Pulled Back From Session Highs

NZD/USD moved away from session highs after an unsuccessful attempt to settle above the 0.6000 level. RSI is in the moderate territory, and there is plenty of room to gain additional momentum in the near term.

The nearest support level for NZD/USD is located in the 0.5975 – 0.5985 range. If NZD/USD settles below the 0.5975 level, it will move towards the next support at 0.5920 – 0.5930.

For a look at all of today’s economic events, check out our economic calendar.