The US dollar fell during the Asian session to witness a rebound to the third session of its highest since March 15 against the Japanese yen amid a lack of economic data by the Japanese economy, the third largest economy in the world and on the eve of developments and economic data expected Tuesday by the US economy largest economy in the world, which includes the talk of the members of the Federal Open Market Committee later today.
At 06:06 GMT, the pair fell 0.13% to 111.34 compared with the opening levels at 111.48, after recording a low of 111.28 and a high of 111.58.
Investors are currently looking for the US economy to release a statistical reading of job opportunities and job turnover, which may reflect a decline to 7.54 million versus 7.58 million in January, coming hours after the release of labor market data which showed unemployment stabilized at 3.8% Compatible with expectations during March.
In the same context, we followed Friday's reading of the Non-Farm Employment Change Index, which accelerated job creation to 196,000 jobs, compared with 33,000 jobs added in February, while average hourly earnings showed slower growth to 0.1 Versus 0.4%, worse than expectations for a slowdown in growth to 0.3%.
In addition, investors are also looking forward to the talks between Federal Reserve and Federal Open Market Committee members Randall Quarles and Richard Clareda. Quarles is scheduled to speak at the policy-making forum hosted by George Mason University in Virginia, before Clare gives a speech Under the title "Review of the Federal Reserve's Monetary Policy Strategy and Tools as well as Communication Practices" at the Spring Institute Conference within the Federal Reserve Bank of Minneapolis.
This comes hours before the minutes of the meeting of the Federal Committee held on 19-20 March Wednesday, which approved the stay of interest rates between 2.25% and 2.50% with the gradual reduction of the reduction of bond buyback until September, In September, amid lower expectations for growth and higher unemployment expectations, as well as a fall in expectations for a two-year increase in the 2019 interest rate in the 18 December-19 December forecast, while expectations for a one-time rise next year were kept up.
Technical analysis:
The USDJPY is back at 111.35 pivotal support again, and we note that the price is drawing a negative technical pattern that might press the price to test the most important support at 110.86 before attempting to bounce back.
So far, the main upside scenario remains effective unless the above support is broken, noting that SMA 50 is attempting to protect the suggested positive scenario, with the next key target at 112.14.
The trading range for today is expected among the support at 110.86 and the resistance at 112.14.
The general trend for today is bullish.