The US dollar fluctuated in a narrow range, tilted lower during the Asian session to witness a rebound for the second session from the highest since October 30, when it tested the highest since early August against the Japanese yen following the developments and economic data that followed from the ...
The US dollar fluctuated in a narrow range, tilted lower during the Asian session to witness a rebound for the second session from the highest since October 30, when it tested the highest since early August against the Japanese yen following the developments and economic data that followed from the Japanese economy and on the threshold Economic developments and data expected on Wednesday by the US economy, including the speech of members of the Federal Open Market Committee.
At 05:58 AM GMT, USD / JPY fell 0.08% to 109.07 levels from 109.16 opening levels, after hitting a session low of 109.01 and a high of 109.18.
Following the release of the minutes of the BoJ meeting held at the end of October during which the Bank of Japan's monetary policy makers decided to keep interest rates negative at 0.10% and maintain the asset purchase program unchanged and future interest rate trends. , Which was expected with the market outlook, with the release of the monetary policy statement at the time.
On the other hand, investors are looking forward to the outcome of the Federal Open Market Committee and Charles Evans, chairman of the Federal Reserve Bank of Chicago, at the Council on Foreign Relations in New York. 2.2% vs. 2.6% in the second quarter.
Markets are also eyeing the US economy to reveal the preliminary reading of non-agricultural sector productivity, which may also show slower growth to 1.0% vs. 2.3% in the second quarter, up to FOMC member and New York Federal Reserve Chairman John Williams during his participation in Moderate discussion on the future of the workforce at the Wall Street Journal event in New York.
USDJPY succeeded in reaching a few pips from our first target at 109.33, showing some slight bearish bias affected by negative stochastics, and may test SMA 50 before resuming the bullish trend again.
So far, we expect the bullish bias to continue in the coming period supported by regular trading within the ascending channel shown in the picture, noting that a breach of 109.33 will push the price to 110.50 as the next stop, while the bullish trend will remain intact unless breaking 108.40 - 108.20 levels and holding below it.
Expected trading range for today is between 108.40 support and 109.80 resistance.
Expected trend for today: Bullish.