Overview:
USD/JPY is consolidating in higher range as traders are awaiting outcome of U.S. presidential election. USD/JPY is buoyed by buying of yen crosses amid improved risk sentiment (VIX fear gauge eased 4.56% to 17.58) as Wall Street advanced (DJIA gained 1.02% overnight) on belief that markets will benefit from end to uncertainty on U.S. presidency, while Reserve Bank of Australia cited better U.S. economic indicators and signs of economic stability in China on Tuesday for keeping its key policy rate unchanged. USD/JPY is also supported by higher U.S. Treasury yields demand; demand from Japan importers and investment trusts. But USD/JPY gains tempered by Japan exporter sales.
Preference:
Buy above 79.9 with 80.45 and 80.65 in sight.
Resistance Levels:
R1 - 80.45 (Tuesday's high)
R2 - 80.57-80.68 band (Monday's high-Friday's high)
R3 - 81.00 
Alternative scenario:
Sell below 79.9. The downside penetration of 79.9 will call for a slide towards 79.75 and 79.65.
Support Levels:
S1 - 79.76 (Thursday's low)
S2 - 79.65
S3 - 79.51 (Oct. 31 low)  
Technical Comment:
The pair is posting a rebound as the RSI is turning up.USD/JPY daily chart is mixed as MACD is bullish, 5- & 15-day moving averages are rising; but stochastics is bearish at overbought.