The US dollar fluctuated in a tight range slipping towards the Asian session to see its second session retreat since December 20 against the Japanese Yen amid a lack of economic data by the Japanese economy, the third largest economy in the world and on the eve of developments and economic data expected today Wednesday by the US economy, the world's largest economy.
At 05:43 GMT, the pair dropped 0.04% to 111.84 from the opening level at 111.89 after hitting a session low of 111.73 and a high of 111.91.
The markets are currently waiting for the US economy to release preliminary data for the labor market with the reading of the index of change in private sector jobs, which may reflect the slow pace of job creation to 190 thousand jobs added to 213 thousand jobs added in January, before hours From revealing the monthly report of non-agricultural jobs and unemployment rates in addition to the average hourly income for the last month.
Investors are also looking for a trade balance, which could reflect a widening deficit to $ 57.8 billion versus $ 49.3 billion in November, and the expected talk of FOMC member and New York Bank Chairman John Williams at the New York Economic Club, About the Beige Book report, which is important in being issued two weeks before the FOMC meeting.
Technical Analysis
The USD against the JPY continues to fluctuate in a sideways move around the 111.80 resistance level which is at 61.8% Fibonacci retracement.
Oscillation is done around the moving averages 7-20 who are heading for the cross. So, if the price action is below these two averages we can say that we started the corrective correction towards 111.37.
The trading range between the support at 111.37 and the resistance at 112.17
The general trend of sideways movement tends to rise