USD/JPY rebounds sharply from 102.00 as Clinton closes gap in Virginia

Markets appear to have almost factored in a Trump victory at the US presidential elections race, as he seeks a majority in most of the key states. Hence, risk-off persists at full steam over the last hour, after Trump was project a winner in Floirda.

Further, the NY times noted that Trump has 53% chances of winning the US presidency, while he seeks a lead by small margin in Virginia.

However, the  USD/JPY pair is recovering ground and rebound to 102.70 region as Clinton is said to be closing the gap quickly in Virginia. Markets are of the view that if Clinton loses in Virginia, then Trump is virtually the new US president.

USD/JPY Technical levels to watch 

Higher side: 105.79 (daily S2), 106.50 (psychological levels)

Lower side: 102 (multi-week lows), 101.54/19 (Oct lows)