The US dollar fluctuated in a tight range slipping into the Asian session against the Japanese Yen amid a lack of economic data by the Japanese economy, the third largest economy in the world and on the brink of developments and economic data expected Wednesday by the US economy for the open market and the head of Kansas City Federal Reserve St George in New York.
At 05:57 GMT, the pair dropped 0.04% to 110.60, compared to the opening levels at 110.64 after the pair hit a session low of 110.41 and a high of 110.66.
Investors are currently waiting for the US economy to release the current account reading, which may reflect a widening deficit to $ 130 billion versus $ 125 billion in the third quarter, in conjunction with the disclosure of the trade balance, which may reflect a contraction of the deficit to $ 57.2 billion versus $ 59.8 billion in December.
The Federal Reserve Bank of Kansas Federal Reserve Chairman and member of the Federal Open Market Committee, Esther George, on the economic outlook and monetary policy at the event hosted by New York University fund-raisers, hours after the FOMC meeting of 19-20 March Federal funds were kept at between 2.25% and 2.50%.
Technical analysis:
The USDJPY pair traded positively yesterday, approaching the retest of the broken neckline of the double top pattern seen at 110.76, noting that the SMA 50 meets with this resistance to add more strength to it, while Stochastic is showing signs Clear saturation of purchase.
Therefore, these factors encourage us to tilt the bearish trend during the coming sessions, whose targets start to exceed 110.08 to confirm the extension of the downside wave towards 109.40, noting that the continuation of the expected decline depends on stability below 110.76 - 110.86.
The trading range for today is among the key support at 109.70 and resistance at 111.00.
The general trend for today is bearish.