After a strong move in the Asian session, price movements began to slow in the European market session with the focus still on the development of the United States (US) 2020 elections.
The US dollar showed strength in the Asian session after moving weaker since the European session yesterday before the election.
The market reaction to the current results of the polls has supported the appreciation of the US dollar in a market that has managed to soar above other major currencies.
On the chart of the USD / JPY currency pair, the price has jumped from the level of 104.400 to the level of 105.00 in the SBR zone (support become resistance) previously reached the high level in the Asian session just now around 105.300.
However, the price has reversed from that level and hovered around the price range of 105,000-104.800 which changed the function of the zone to RBS (resistance become support).
Prices slowed down at the start of the European session but a drastic movement of prices could occur while the election event is not over.
The price is expected to rise to the resistance level up to the resistance of 105,800 if the US dollar remains strong.
On the other hand, if the US dollar weakens again, prices could plunge back into support zones at 104.400 and 104,000 levels.
Be vigilant with price movements to that level to help you control trading risk as best you can.
