The US dollar fluctuated in a narrow bullish range during the Asian session to witness a rebound to the eighth session in ten sessions of its lowest since February 8 against the Japanese yen following developments and economic data that followed the Japanese economy on the eve of developments and data Economic outlook on Friday by the US economy.
At 06:14 GMT, the USDJPY rose 0.04% to 111.70 compared to the opening levels at 111.62, after reaching the highest level since March 15 at 111.80, while achieving a low of the trading session at 111.60.
We have followed the Japanese economy to reveal the annual reading of the index of average wages, which showed the acceleration of the decline to 0.8% compared to 0.6% in the annual reading for the month of January, contrary to the expectations that indicated a rise of 0.9%, in conjunction with the publication of the annual index of spending which showed a slowdown in growth to 1.7% versus 2.0% in January, worse than expected at 1.9%.
Investors are currently looking to the US economy to reveal labor market data that may reflect the stability of unemployment at 3.8%, unchanged from the previous reading for February, amid expectations that reflect the average income per hour The pace of growth slowed to 0.4% from 0.3% in February.
This comes in tandem with the Non-Farm Payrolls Non-Farm Payrolls report, which may reflect a faster pace of job creation to 172,000 jobs versus 20,000 jobs added in February. Reaching the US Consumer Confidence reading, which may reflect a decline to $ 17.2 billion versus $ 17.0 billion in January.
Technical analysis:
The USDJPY pair resumed its positive trading session yesterday to succeed in reaching our awaited first target at 111.75, awaiting further upside to test the 112.14 level as the next major station so that the bullish trend will remain valid for the coming period.
SMA 50 continues to support the suggested bullish wave, which requires stability to remain above 111.40 and above 110.86.
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.