The US dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound from its lowest level since March 28 against the Japanese Yen amid a lack of economic data at the weekend by the Japanese economy due to the childhood holiday there and in the shadow of the longest vacation in Japan's history Following the inauguration of Crown Prince Naruhito as Emperor of Japan and on the threshold of a new member of the Federal Open Market Committee and New York Bank President John Williams in New York on Monday.
At 05:56 am GMT, the pair rose 0.06% to 110.79 from the opening level at 110.72, after reaching the highest level at 110.85, while the highest in six weeks at 110.28 , And we would like to point out that the pair started trading this week on a bearish price gap after closing last week at 111.10.
Investors are waiting for Federal Reserve Chairman and New York Bank Chairman John Williams to speak at the Bankers' annual breakfast later in the day, following Fed approval by monetary policy makers last week to keep interest rates at between 2.25 percent and 2 percent. 50% and to take the lead in further reducing the reduction of bond buybacks before freezing them by September.
Federal Reserve Governor Jerome Powell confirmed Wednesday that the Federal Reserve continues to be "patient" about raising interest rates on federal funds, citing the continued strength of the economy and the labor market, and that the core inflation rate remains below the Federal Reserve's target of two Adding that there was no need to raise or lower interest rates at the moment, while stressing the independence of monetary policy.
Technical Analysis
The USD / JPY pair opened today with a strong decline to surpass our first target of 110.86 and settle below it, near our second target at 110.08, supporting the short term downside correction extension, noting that the recent move will push the price to 109.44 as a major stop deification.
Hence, the bearish bias will remain dominant during the coming sessions supported by SMA 50, noting that a break of 110.86 will push the price to start attempts to return to the main bullish trend again.
The trading range for today is expected among the support at 109.50 and the resistance at 111.00
The general trend for today is bearish