The US dollar fluctuated in a narrow upward range during the Asian session to see its highest since November 14 against the Japanese Yen amid a lack of economic data by the Japanese economy, the third largest economy in the world and on the brink of economic developments and data expected on Wednesday by the economy The largest economy in the world.
At 5:37 am GMT, the pair rose 0.08% to 113.88 from the opening levels at 113.79 after the pair reached a two-week high of 113.90 and the lowest at 113.60.
Investors are currently looking for the US economy to reveal the second reading of GDP, which may reflect the widest economy in the world 3.6% in the third quarter compared with the previous reading of 3.5%, while the second reading of GDP may show the stability of growth at 1.7%, unchanged from the previous reading.
This is in line with the release of the Trade Balance of Goods Index, which may reflect a widening deficit to $ 76.7 billion from $ 76.0 billion last September and the Wholesale Inventories Index, which could show growth accelerating to 0.5% from 0.4% And before we see the reading of the Richmond Industrial Index, which may reflect a widening to 16 versus 15 last October.
In conjunction with the release of housing data, which could reflect a 4.0% rise in new home sales to about 575K versus a 5.5% decline in about 553K in September, to the expected talk of Federal Reserve Governor Jerome Powell at the New York Economic Club Under the title "Federal Reserve Framework for Financial Stability Control".
Technical Analysis
The USDJPY broke through the 113.56 level and settled above it, reinforcing expectations for a bullish wave over the coming period, and the path is open to achieve the awaited target at 114.55.
The suggested positive scenario depends on the price action within the ascending channel appearing in the picture, taking into account that a breach of 113.56 - 113.20 may press the price to provide negative trades testing areas of 112.46 before any new attempt to rise.
The trading range for today is among the key support at 113.50 and resistance at 114.55.
Support and resistance:
Support: 113.50-112.87-112.13
Resistance: 114.00-114.50
The general trend for today is bullish
Author: Maher Maarouf