USD/JPY Jumps Up on Japan Election Results | LTC Dips

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USD/JPY Jumps Up on Japan Election Results | LTC Dips

USDJPY Analysis Japan Election Results: In Forex news, the USD/JPY pair opened Monday’s Asian session with a jump to 113.86 as Japan’s Prime Minister Shinzo Abe won a commanding majority for his party in parliamentary elections on Sunday. 

In cryptocurrency news, Litecoin price has dipped below major counterparts.

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USDJPY Analysis Upon Japan Election Results

The pair has remained above the daily Ichimoku cloud for a month. While we could see a pullback on the jump in the early hours, if USD/JPY’s bullish sentiment continues, we could see a revisit of the 114.29 resistance level during today’s trading hours. The future cloud has turned bullish.

USDJPY Analysis Japan Election Results – Ichimoku Daily Setup

Final election results will be delayed until later on Monday because a typhoon that hit Japan on Sunday prevented votes from being counted in 12 precincts. But with the majority of votes counted, the Liberal Democrats and their coalition partner had won enough seats to reach the two-thirds mark.

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LTC Dips Below Key Support Level Versus BTC, USD, EUR

Litecoin price has broken below the daily Ichimoku cloud, testing the 56.93 pivot level as traded versus the USD. The pivot level falls on the 38% Fibonacci retracement level, which retraces Litecoin’s long uptrend between April to September this year.

LTCUSD below Ichimoku Cloud – Daily Time Frame

After reaching the all-time high level of 98.18, LTC/USD dipped down to 33.68 in a matter of two weeks in September.

With the recent break below the  Ichimoku cloud on the daily setup, we could expect another visit of the key support level of 46.78 in the coming months.

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The pair’s drops this time-around could also partially be attributed to the USD strength across major counterparts. However, Litecoin’s price has also weakened against other currencies including EUR and Bitcoin.

Versus BTC, LTC has broken below the key support level of 0.0099, indicating further potential drops towards the 61% Fibonacci retracement level of 0.0070. This comes after a growing number of miners moving away from Bitcoin Cash and instead, mining Litecoin beginning of October. However, the explosion of Bitcoin above and beyond $6,000 might have made them change their minds.

On the Economic Calendar …

We have a fairly light economic calendar today, with Euro-Zone Consumer Confidence being the only medium-risk event of the day, being released at 2 PM GMT.

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