The US dollar fluctuated in a narrow bullish range during the Asian session to see its rebound to its second low since April 11 against the Japanese Yen amid a lack of economic data this week by the Japanese economy in the shadow of the longest vacation in Japan's history and following the inauguration of Crown Prince Naruhito Japan's emperors and on the eve of economic developments and data expected Thursday by the US economy, the largest economy in the world.
At 0540 GMT, the USDJPY rose 0.15% to 111.55, compared with the opening levels at 111.38, after reaching a high of 111.67 and a low of 111.35.
US investors are looking for a preliminary reading of the single labor cost index, which reflects a slower growth to 0.9% versus 1.9% in the fourth quarter, while the preliminary reading of non-farm productivity may show growth accelerating to 2.4% vs. 2.0%, The reading of the index of requests for aid, which may show a decline by 10 thousand requests to 220 thousand applications during the last week last Saturday.
Leading to the release of the factory demand index, which may reflect a rise of 1.0% against 0.5% decline in February, before we see the release of the US Treasury Department's semi-annual report on international economic and exchange rates, (FOMC) held in late April and early May in Washington.
Fed monetary policy makers have agreed to keep interest rates between 2.25% and 2.50% for the third consecutive meeting as we move forward in reducing the reduction of bond buyback before freezing by September, Fed Chairman Jerome Powell said the committee would be patient about raising interest rates in the coming period.
In a press conference following the expiration of the Federal Committee meeting, Powell said that the US economy and the US labor market remain strong, noting that core inflation in the US remains below the Federal Reserve target of 2 percent, adding that there is no Now need to raise or lower the federal funds rate, while emphasizing the independence of monetary policy.
The US dollar fluctuated in a narrow bullish range during the Asian session to see its rebound to its second low since April 11 against the Japanese Yen amid a lack of economic data this week by the Japanese economy in the shadow of the longest vacation in Japan's history and following the inauguration of Crown Prince Naruhito Japan's emperors and on the eve of economic developments and data expected Thursday by the US economy, the largest economy in the world.
At 0540 GMT, the USDJPY rose 0.15% to 111.55, compared with the opening levels at 111.38, after reaching a high of 111.67 and a low of 111.35.
US investors are looking for a preliminary reading of the single labor cost index, which reflects a slower growth to 0.9% versus 1.9% in the fourth quarter, while the preliminary reading of non-farm productivity may show growth accelerating to 2.4% vs. 2.0%, The reading of the index of requests for aid, which may show a decline by 10 thousand requests to 220 thousand applications during the last week last Saturday.
Leading to the release of the factory demand index, which may reflect a rise of 1.0% against 0.5% decline in February, before we see the release of the US Treasury Department's semi-annual report on international economic and exchange rates, (FOMC) held in late April and early May in Washington.
Fed monetary policy makers have agreed to keep interest rates between 2.25% and 2.50% for the third consecutive meeting as we move forward in reducing the reduction of bond buyback before freezing by September, Fed Chairman Jerome Powell said the committee would be patient about raising interest rates in the coming period.
In a press conference following the expiration of the Federal Committee meeting, Powell said that the US economy and the US labor market remain strong, noting that core inflation in the US remains below the Federal Reserve target of 2 percent, adding that there is no Now need to raise or lower the federal funds rate, while emphasizing the independence of monetary policy.
Technical Analysis
The USDJPY moved towards our awaited target at 110.86 and rebounded from there to test the SMA 50 again, which is a continuous negative pressure against the price. As long as the price is below 112.14, our bearish outlook remains valid, noting that exceeding this target will push the price About 110.08 as the next main station.
The trading range for today is expected among the support at 110.80 and the resistance at 112.00.
The general trend for today is bearish.