The US dollar is moving in a tight range slipping towards the Asian session to see its third session retreat since December 20 against the Japanese Yen following the economic developments and data released by the Japanese economy, the third largest economy in the world and on the eve of developments and economic data expected On Thursday by the US economy, the world's largest economy.
At 06:04 GMT, the USDJPY dropped 0.03% to 111.74 from the opening levels at 111.77 after the pair hit a session low of 111.58 and a high of 111.78.
We have followed the Japanese economy to reveal the preliminary reading of the leading indicators, which showed a contraction of the wideness to 95.9 compared to 97.5 last December, worse than expectations at 96.2, and came hours after Bank of Japan member Harada expressed his inability to comment on the resolution The government of the country to increase sales tax within its plan in the light of financial reforms and increase revenues, while addressing the fact that the tax may lead to a recession.
On the other hand, the markets are currently waiting for the US economy to release the final reading of the productivity index and the cost of one work, which may show productivity growth slowing to 1.5% compared to the preliminary reading for the fourth quarter and the previous quarter's reading at 0.9%, and accelerated cost growth to 0.9% In the initial reading and the previous reading of the third quarter at 0.9%.
This comes in conjunction with the reading of the index of claims for the week ending on March 2, which may reflect stability of 225 thousand requests, unchanged from the previous weekly reading, before we see the talk of a member of the Federal Open Market Committee and Deputy Governor of the Federal Reserve, About economic outlook and monetary policy at Princeton University, New Jersey.
Technical Analysis
The USDJPY continues to move sideways around the 111.80 resistance level with the downside bias.
The 7-20 moving averages press the price and prevent it from trying to continue to climb while the SMA 50 is still moving below the price near 111.37 support.
Stochastic is on the upside path, boosting the upside.
The trading range between the support at 111.37 and the resistance at 112.17
The general trend for today is bullish