The US dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound for the sixth session in eight sessions from its lowest since February 8 against the Japanese yen amid a lack of economic data by the Japanese economy and on the eve of developments and economic data expected on Wednesday by the US economy.
At 06:15 GMT, the USDJPY rose 0.12% to 111.45 compared to the opening levels at 111.32 after reaching the highest level since March 20 at 111.53, while achieving the lowest level during a trading session at 111.21.
Investors are eyeing the US economy for preliminary data on the labor market, with the reading of the Change in Private Sector Index, which may reflect the acceleration of job creation to 184,000 added jobs versus 183,000 in February, Monthly for non-agricultural jobs and unemployment rates in addition to the average income per hour for the last month later this week.
Leading to the final reading of the index of the Institute of Supply Services by Markit from the United States, which may reflect the stability of the breadth at 54.8 compared to 56.0 in February, before the disclosure of the index of the Institute of Supply Service, which may show the narrowing of the breadth to 58.1 compared to 59.7 in February, February, and we would like to point out, because the supply of services is important in the fact that the service sector in America represents more than two-thirds of GDP there.
Technical analysis:
The USDJPY is attempting to breach the resistance at 111.44 and is now stabilizing near the upside, supporting our bullish outlook for the coming sessions, supported by the 50 SMA, awaiting 111.75 and 112.14 which are our main targets.
Stability above 111.44 is important for the continuation of the expected rally, as breaching it will press the price to test the 110.86 areas before any new attempt to rise
Moving averages push the price higher. The stochastic is also in a bullish path towards areas of saturation of the buy.
The trading range for today is expected among the support at 110.86 and the resistance at 112.20.
The general trend for today is bullish.