It will not affect the lights
(started to say turns but on Touring these come via instruments and we need ignition power)
You mentioned horn works; imagine the brake light should also work even if tail (running) light is out
I know your fuse panel is different but use this method to measure voltage on the fuses -
(note that you are NOT removing the fuses, but checking them in-circuit);
Set your meter to read DC volts and leave the black probe on battery negative;
Then use the red probe to touch the metal tabs on the fuses: check both sides of each fuse.
Thank you, Decosse. Here's how this situation unfolded. About 6 months ago I was having the same problem and posted a message about it here. I had the ignition replaced and then had no problems till now. Yesterday, I rolled the bike outside the garage to start it up and found that it was completely dead, except for the horn (not sure about the brake light). I hooked up a charger to it and the charger green-lighted within an hour but the bike was still dead, except for the horn. I rolled the bike back into the garage and left it for an hour to read your posts to my old message, then I went back to the bike and raised the sidestand and turned the key and everything lit up! Now that it seems to be working again will performing the fuse check you described still help the diagnosis?
Fuses 1 thru 7 should all have 12V on both sides regardless of key-switch position
Fuse 5, 9 & 10 should all have 12V on both sides when the key-switch is turned on, regardless of Kill/Run switch position (but no voltage with key off)
If you can just report on the status of those, I can tell you where to look next;
But for starters ...
If Fuse 2 is bad, (i.e. NOT 12V on BOTH sides) that is the problem;
If you do have 12V on both sides of Fuse 2, but not on either side of Fuse 5 or 9, then that points to the key-switch - either switch itself or the connector.
Checking these voltage will definitively point to the source of the problem