The USD/JPY is ranging and volatility is expected during and after the US elections. At this point it’s clear that BOJ protects the 104.00 level.
Buying the dip within the 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 should see a breakout to 103.62 and later towards 103.00. Pending short orders IMO should be placed below 104.00, while pending longs above 105.00.
The Analysis has been done with the Black Widow system.