USD/JPY is down ~30 pips on the day &....>

DOLLAR-YEN: USD/JPY is down ~30 pips on the day & last trades at Y113.15.

stirred by the fallout from the U.S. Midterm elections, which saw the Dems

capturing the House & the GOP extending its Senate majority. 

- The pair fell initially as first declarations/projections hit the wires, but

bounced to session highs of Y113.82 on the back of positive electoral outcomes

for the GOP with the probability of a blue House waning. The rate then moved off

of its peak, wiping out earlier gains, as subsequent headlines/vote flow

supported the probability of the House turning blue, which later came to

fruition. 

- Bulls still look for consolidation above Y113.45, after the rate peaked at

Y113.82 overnight, with any move above those levels opening up the key Y114.00

area. Bears seek a move back below yesterday's low at Y113.10 before challenging

the 21-DMA at Y112.58.