The US dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound to its third straight session since the beginning of April 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 on Friday from Ahead of the US economy, the world's largest economy.
At 05:54 GMT, the USDJPY rose 0.13% to 111.81 compared to the opening levels at 111.66, after reaching a high of 111.82, while the lowest at 111.59.
Investors are currently waiting for the US economy to release the import price index, which may reflect slowing growth to 0.4% from 0.6% in February, while the same indicator excluding oil may show stability at zero levels versus 0.1% The index itself contracted to 0.7% from 1.3% in February.
This comes ahead of the release of the preliminary reading of the University of Michigan consumer confidence index, which may reflect a widening of the widening to 98.1 versus 98.4 in March as consumers forecast inflation for one year to come and five years ahead, until the US Treasury issued its half report Per annum on economic policies and the international exchange rate or known as the currency report of the US Treasury.
On Wednesday, the Fed unveiled the minutes of the Federal Open Market Committee meeting held on March 19-20, which focused on patience, monitoring of economic developments and data, with a gradual reduction in bond buybacks until September, Interest rates are between 2.25% and 2.50% in the shadow of stabilizing inflationary pressures near target.
Technical analysis:
The USDJPY pair rallied strongly yesterday to near our main awaited target at 112.12 and is currently attempting to test the 111.83 resistance as a first stage despite negative signs from Stochastic, which is trading in overbought territory. Again.
Overall, we will continue to tilt the upside during the coming sessions unless the 110.86 level is breached and stability below it, noting that a breach of the target will extend the upside wave to 113.10 as the next major station.
The trading range for today is among the key support at 111.00 and resistance at 112.60
The general trend for today is bullish