USD/JPY trims losses, consolidates around 113.30

• USD/JPY off lows amid rising equity prices. 
• US dollar trims losses across the board, remains steady during Trump’s press conference. 

The USD/JPY pair trimmed losses during the American session amid a recovery of the US Dollar across the board, following US election results. The pair remained steady during Trump’s press conference. 

At the beginning of the current session, USD/JPY bottomed at 112.93, the lowest since Friday and then rebounded amid a broad rebound of the greenback. The pair climbed to 113.36 and during the last hours, it has been trading near US session highs, modestly lower for the day but far from the lows. The DXY recovered from 95.70 to 96.00. Equity prices in the US rose further during the last hour, and the Dow Jones is testing the 26.000 level, up 1.45% for the day.  

With the mid-term elections behind, attention in the very short-term will likely focus on Thursday FOMC decision (no change is expected). Regarding politics, the new Congress, with Democrats controlling the House and Republicans the Senate, looks challenging for the Trump administration. 

USD/JPY Levels to watch 

To the upside, the immediate resistance is seen at 113.35/40 (US session high), followed by 113.50 and 113.80 (Nov 7 high). On the flip side, 113.05 is again the immediate support level, and below 112.90 and 112.65.