We are looking to establish long positions on the USDJPY pair as the U.S. Presidential election is looming. Our baseline scenario is that Hilary Clinton will be the new President of the United States. We see this development as a positive for the U.S. dollar and as such we expect that the global reserve currency will rally across the board. The closest big support level in the USDJPY pair is at 104.00. We are looking for a rally towards 105 initially. Stops are at 103.70.
