The Japanese Yen (JPY) drops to a fresh three-month low against its American counterpart during the Asian session on Monday after Japan’s longtime ruling party lost its majority for the first time in 15 years at Sunday's national election.
The Japanese Yen weakens in reaction to political development after Sunday’s election. The uncertainty over the BoJ’s rate-hike plan weighs heavily on the JPY amid a bullish USD. Bets for a less aggressive Fed policy easing and rising US bond yields underpin the buck.
Technical Outlook: USD/JPY needs to consolidate before the next leg of appreciating move From a technical perspective, the recent breakout through the 200-day Simple Moving Average and a subsequent move beyond the 61.8% Fibonacci retracement level of the July-September downfall could be seen as a fresh trigger for the USD/JPY bulls. This further validates the near-term positive outlook for the pair and supports prospects for additional gains beyond the 154.
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