• USD/JPY declined sharply on Wednesday as uncertainty steaming from US election prompted investors to seek safe haven assets such as Japanese yen.
   
• Investor’s anxiety deepened on Wednesday over possible trump victory given uncertainty on the Republican candidate stance on key issues including foreign policy, trade relations and immigrates.
   
• The pair is set to reach 102.50 and later towards 102.00 in the short term as the US dollar is set to weaken further against its Japanese counterpart in the short term. Therefore it’s good to sell this pair on rallies.
   
• To the upside, the strong resistance can be seen at 103.73, a break above this level would take the pair towards next resistance level at 104.15.
   
• To the downside immediate support can be seen at 103.03, a break below this level will open the gates towards next level at 102.39.
  
  Resistance Levels
  
  R1: 103.73 (61.8% Retracement level)
  
  R2: 104.15 (Daily high)
  
  R3: 104.64 (Oct 13th high)
  
  Support Levels
  
  S1: 103.03 (50 % Retracement level)
  
  S2: 102.39 (61.8 % Retracement level)
  
  S3: 102.00 (Psychological level)