The US dollar fluctuated in a narrow range, tilted lower during the Asian session to witness a rebound for the second consecutive session from the highest since early August, when it tested late May against the Japanese yen following the developments and economic data that followed from the Japanese economy ...
The US dollar fluctuated in a narrow range, tilted lower during the Asian session to witness a rebound for the second consecutive session from the highest since early August, when it tested late May against the Japanese yen following the developments and economic data that followed from the Japanese economy and on the eve of developments and economic data Expected on Friday by the US economy which includes the speech of members of the Federal Open Market Committee.
At 06:04 AM GMT, the USDJPY fell 0.10% to 108.55 levels compared to the opening levels of 108.66, after the pair reached its lowest level during the session at 108.52, while the highest level at 108.69.
This was followed by the release of inflation data with the release of the annual CPI reading which showed growth slowed to 0.2% in line with expectations against 0.3% in August. The annual reading of the same index excluding fresh food showed that growth slowed to 0.3 The annualized reading of the same index, excluding energy and fresh food, also slowed growth to 0.5%, in line with expectations against 0.6%.
On the other hand, investors are currently awaiting the release of leading indicators which may show a 0.1% growth against the zero level in August. This comes in conjunction with FOMC and Kansas City Fed Chairman Esther. George at the Energy and Economics Conference hosted by the Denver Branch of the Kansas City Fed.
The Federal Open Market Committee (FOMC) and Deputy Governor of the Federal Reserve Richard Clarda talked about the economic expectations and monetary policy at the Chartered Income Management Conference on Financial Stability. Because these meetings are open to the press.
USDJPY has tested 108.40 and holds above it so far, as SMA 50 meets this support to add more strength to it, while Stochastic is now oversold.
Therefore, we believe that the chances are for the bullishness in the coming sessions, the next target is at 109.33, while achieving it requires stability above 108.40.
Expected trading range for today is between 108.00 support and 109.33 resistance.
Expected trend for today: Bullish.