The USD/JPY pair traded with a negative bias through the Asian session and was last seen hovering near the lower end of its daily trading range, around the 104.75-70 region.

The pair extended the previous day's retracement slide from three-day tops – levels beyond the key 105.00 psychological mark – and remained depressed through the first half of the trading action on Tuesday. Firming market expectations of a strong Democratic victory at the upcoming US elections held the US dollar bulls on the defensive, which, in turn, was seen as a key factor exerting some pressure on the USD/JPY pair.