The US dollar fluctuated in a tight range sloping towards the Asian session to continue the bullish session for the 7th session after rebounding from the bottom on March 8 and is still resuming its weekly gains for the fifth week in six weeks against the Japanese yen following the Bank of Japan's decisions and trends during the week And on the eve of developments and economic data expected today two years by the US economy, the largest economy in the world.
Today, in the opening session of the Asian session, the US dollar rose against the Japanese yen to 111.54, compared to the opening levels of 111.45, after reaching a high of 111.60.
The Japanese economy released the results of the trade balance (seasonal rate), which showed an improvement in the results of 0.12T compared to the deficit in the previous reading -0.29T. The results of February's trading results were also released with an improvement of 339B vs. -1.416B
Then we saw the release of industrial production, which gave an improvement of 3.4% compared to the previous value of 3.7%
On the other hand, markets are looking for the US economy to release the housing index by the National Association of Home Builders, which may reflect a widening to 63 vs. 62 in February, and this comes hours before the launch of the meetings of the Federal Open Market Committee tomorrow and Wednesday in Where Fed policymakers may keep interest rates at between 2.25% and 2.50%.
Technical Analysis
The USD / JPY pair tested a new 111.40 level and maintained its stability above it, starting today with a bullish bias and approaching 111.67, awaiting a breach of this level to confirm the rally towards 112.07 which is our next main target.
Therefore, we will continue to tilt the upside during the coming sessions provided that the price remains stable above 111.00, noting that Stochastic is providing a positive cross signal now supports the chances of breaching the above level.
The trading range for today is among the key support at 111.00 and resistance at 112.50
The general trend for today is bullish