• USD/JPY declined in the US session as worries over the U.S. election increased  demand for safe haven assets.
   
• The Japanese yen was favored on Tuesday as concerns over the outcome of the upcoming U.S. elections weighted on the dollar.
   
• However, further decline is set to be limited as the strong support at 103.93 is set to hold the bears from declining further below and bring rebound back to higher levels.
   
• Immediate support can be seen at 104.64, a break below this level will expose the pair to next support level at 104.33 levels.
   
• Major resistance can be seen at 105.53 a break above this level will open the door towards 106.10.
  
  Resistance Levels
  
  R1: 105.30 (23.6% Retracement Level)
  
  R2: 105.53 (October 28th high)
  
  R3: 106.10 (38.2% Retracement Level)
  
  Support Levels
  
  S1: 104.64 (50 % Retracement Level)
  
  S2: 104.33 (Oct 31st lows)
  
  S3: 103.93 (61.8 % Retracement Level)