The US dollar rose during the Asian session to see its rebound for the third session in five sessions of its lowest since the end of February 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 Thursday by the US economy The world's largest economy.
At 05:44 GMT, the USDJPY rose 0.40% to 111.61 compared to the opening levels at 111.17 after recording a high of 111.63 and a low of 111.15.
We have followed yesterday the Chief Cabinet Secretary Soga said he believes the Bank of Japan will move forward in its efforts to reach inflation to its target of two percent, and that we are expected to see more efforts by him to achieve this goal, Meeting of the Bank of Japan on Friday, during which the central bank's monetary policy makers may offer more flexibility in monetary policy.
On the other hand, markets are looking for the US economy to release the weekly reading of the index of requests for aid, which may reflect a rise of 2 thousand requests to 225 thousand applications, in conjunction with the reading of the index of import prices, which may reflect a rise of 0.3% compared with 0.5% decline in January , Before the new home sales index, which could rise 0.2% to 622K versus a rise of 3.7% at 621K in December.
Technical Analysis
The USD / JPY pair managed to breach the 111.37 level at the opening of today's trading. Further bullishness is seen to start the resistance test at 111.80, which supports our continued bullish outlook for the upcoming sessions, awaiting a visit to 112.07 as the next major station.
From here, we continue to bias the upside move over the short and short term provided that the price remains stable above 110.96.
The trading range for today is expected among the support at 110.96 and the resistance at 112.17
The general trend for today is bullish