The USD/JPY is ranging and volatility is expected during and after the US elections. At this point its clear that BOJ protects the 104.00 level.
Buying the dip within 104.00-20 zone is the current scenario, while sellers are selling within 104.85-95. A break above 105.00 should target 105.20 and 105.69. However if BOJ ceases to protect 104.00 we hould see a breakout to 103.62 and later towards 103.00. Pending short orders IMO should be placed below 104.00, while ppending longs above 105.00.
