USD/JPY jumps above resistance at 153.40 after LDP lose majority in Japanese election

The outcome of the Japanese general election yesterday has seen the ruling Liberal Democratic Party (LDP) hand back its parliamentary majority. That has weakened the Yen overnight. The USD/JPY closed in the US on Friday at 152.31. It has traded to a high so far today at 153.88, but it is falling back from that high just now. The rise in the dollar has taken it above noted technical resistance level at 153.40. This move higher in the USD/JPY has helped to boost the Nikkei 225 and push that back above 38,500. Naturally, all the major Yen crosses have risen today as well. It remains uncertain as to what exactly will unfold from here in terms how and what kind of coalition government will be arrived at in the days ahead and that uncertainty should keep the Yen on the defensive ahead of the US election on November 5. The USD/JPY is currently trading at 153.42