The US dollar fluctuated in a narrow range slipping into the Asian session to see its rebound for the second consecutive session of its highest since March 6 against the Japanese yen amid tight economic data on Tuesday by the Japanese economy, the world's third largest economy and on the eve of the launch of events Meeting of the Federal Open Market Committee in Washington.
At 05:50 GMT, the USDJPY dropped 0.15% to 111.26 from the opening levels of 111.43 after recording a low of 111.16 and a high of 111.45.
The markets are now looking to kick-start the FOMC meeting today and Wednesday in Washington amid expectations that Federal Reserve policy makers will keep rates between 2.25% and 2.50% and move forward with a 50% $ 1 billion per month and market pricing to raise the federal funds rate once this year.
Investors are also looking to expose FOMC members to expectations of growth and unemployment as well as inflation and future interest rates for the next three years ahead of Fed Chairman Jerome Powell's forthcoming press conference, which recently announced the Fed's intention to be patient and monitor economic data before resuming policy tightening. Cash or not.
Technical analysis
USD / JPY has not been able to hold steady above 111.67, trading yesterday's negative negativity and breaking support for the ascending channel appearing in the image, which signals the direction of the price to reverse and the price approaches the 111.00 pivotal support, The level will confirm the continuation of the bearish trend towards 110.76 then 110.35 as the next negative stations.
Therefore, the bearishness will be likely for today if the price does not accelerate to breach the 111.67 level and stability above it.
The trading range for today is among the key support at 110.35 and resistance at 111.70
The general trend for today is bearish