The US dollar fluctuated in a narrow bullish range during the Asian session to witness a second consecutive session of its lowest since October 30 against the Japanese yen amid a lack of economic data by the Japanese economy and on the eve of developments and economic data expected on Wednesday by The US economy is the largest economy in the world.
At 0610 GMT, the pair rose 0.05% to 112.83 compared with the opening levels at 112.77 after the pair reached a high of 112.94 and the lowest at 112.65.
Investors are looking for the US economy to see the Durable Goods Index, which accounts for nearly half of consumer spending, which accounts for more than two-thirds of US GDP, which may reflect a 2.2% drop from September's 0.7% rise, while the core reading of the same index Up 0.4% versus stability at zero levels in September.
Technical analysis:
The USD / JPY pair is testing the first pivotal resistance 112.96, accompanied by Stochastic reaching overbought areas, while SMA 50 is a negative pressure against the price.
Therefore, we believe that opportunities are available for a bearish rebound and resumption of the downside movement during the coming sessions. The price needs to break the 112.46 level to confirm the 111.97 target, noting that the continuation of the expected decline depends on stability below 112.96 and above 113.56.
The trading range for today is expected among the support at 112.00 and the resistance at 113.30.
Support and Resistance:
Support: 112.5-111.80;
Resistance: 112.96-113.30-113.56.
The general trend for today is bearish.