The US dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound to its third-lowest session since February 11 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 Tuesday By the US economy, the world's largest economy.
At 05:52 GMT, the USDJPY rose 0.01% to 110.63 from the opening levels at 110.62 after the pair reached a high of 110.70 and a low of 110.45.
Investors are looking for a housing index reading by the National Association of Home Builders, which may reflect a widening of 59 to 58 in January. Markets are looking forward Wednesday to unveil the minutes of the last FOMC meeting, Committee members set interest rates at between 2.25% and 2.50% and proceed with reducing bond buybacks.
Technical Analysis
The USD / JPY pair has been trading sideways and narrow since yesterday and maintains its stability above 110.24, keeping the bullish scenario intact for the coming period supported by the 50 SMA, awaiting positive momentum enough to push the price to 111.56 which is our next target, Reminding the importance of stability above 110.24 for the continuation of the expected rise.
The trading range for today is expected among the key support at 109.80 and the resistance at 111.30
The general trend for today is bullish