The US dollar fluctuated in a narrowly bullish range during the Asian session to see its ninth session retreat in its 12-session low since March 26 and to make its second straight weekly gain against the Japanese yen following developments and economic data that followed on Friday. The Japanese economy and on the eve of developments and economic data expected Friday by the US economy.
At 05:28 GMT, the US dollar was up 0.13% at 109.40, compared to the opening level at 109.26 after the pair reached its second high of January at 109.44. Session at 109.06.
On the Japanese economy, we saw the National Consumer Price Index (CPI) annual reading, which showed a slowdown in growth to 0.3% in line with expectations versus 0.8% in the previous reading for November, while the annual reading of the same index excluding fresh food excluding energy and fresh food Growth slowed to 0.7% vs. 0.9%, worse than expectations at 0.8%, and stability at 0.3% in line with expectations.
We also followed the third largest industrialized countries in the world to reveal the final reading of the index of industrial production, which showed a decline to 1.0% compared to the previous preliminary reading for October and expectations of 1.1%, compared with 2.9% in September, while the final reading of the annual The same index accelerated growth to 1.5% compared to 1.4% and the reading of the energy utilization rate slowed growth to 1.0% compared to 4.0%.
On the other hand, investors are waiting for Federal Reserve Chairman and Federal Reserve Chairman John Williams to speak about the economic outlook and monetary policy at the Economic Leadership Forum of the New Jersey Banking Corporation before we see the world's largest industrialized nations unveil the production index Which could reflect slower growth to 0.2% versus 0.6% in November.
In conjunction with the release of the Energy Utilization Index reading, which may show a faster growth rate of 78.6% versus 78.5% in November, leading to the release of the January consumer confidence index for January, which may reflect the contraction of the spread to the value of 97.0 versus 98.3 last December.
Technical Analysis
The USD / JPY pair managed to breach the 109.16 level and close the daily candlestick above it, which does the upside scenario over the intraday basis, extending the corrective wave towards 110.24 as a next stop.
Therefore, the bullish trend will be expected during the coming sessions unless the level of 109.16 is broken and stability below it again.
The trading range for today is expected among the support at 108.70 and the resistance at 110.24
Support and resistance:
Support: 108.42-107.73-106.73
Resistance: 109.58-110.18-110.75
The general trend for today is bullish