The US dollar fluctuated in a tight range slipping towards the Asian session to see its sixth rebound in 10 sessions of its highest since December 20 against the Japanese yen amid tight economic data by the Japanese economy, the third largest economy in the world and the developments and economic data expected On Tuesday by the US economy, the world's largest economy.
At 05:56 am GMT, the pair dropped 0.12% to 110.63 from the opening levels at 110.76 after the pair reached a low of 110.59 and a high of 110.85.
Investors are currently eyeing the US economy for a statistical reading of job opportunities and job turnover, which could reflect a rise to 7.35 million from 7.09 million in February, hours after the release of labor market data at the end of last week, Unemployment has been at its lowest level in 49 years to 3.6% from the March reading and expectations at 3.8%.
In the same context, we also followed last Friday showed that the index of change in jobs in sectors other than agriculture accelerated the pace of job creation to 263 thousand added jobs compared to 189 thousand jobs added in March, while reading the average income per hour stabilizing the pace of growth at 0.2%, unchanged from March, in contrast to expectations for a faster growth of 0.3%.
Otherwise, investors are looking forward to what FedEx Federal Reserve Vice President Randall Quarles will talk about financial regulation at the Leaders' Forum discussion event hosted by Yale University in Connecticut, following the Federal Commission last week to stay. On interest rates at between 2.25% and 2.50%, which came in line with expectations then.
Technical Analysis
The USDJPY tested and maintained its stability below 110.86, accompanied by the emergence of a negative cross signal on the 4 hour timeframe, posing a negative incentive. We expect the pair to stimulate the resumption of the bearish correction, which has the next target at 110.08.
Therefore, we will continue to tilt the downside move for today unless 110.86 is breached and stability above it, while mentioning that breaking the target level will extend the downside wave to reach 109.44 as the next target.
The trading range for today is expected among the key support at 109.80 and the resistance at 111.10
The general trend for today is bearish