The US dollar fluctuated in a narrowly bullish range during the Asian session to see its sixth session rebound since the beginning of February against the Japanese yen following developments and economic data followed Monday by the Japanese economy, the third largest economy in the world amid a lack of economic data by The US economy is the world's largest economy earlier this week.
At 0616 GMT, the USDJPY rose 0.5% to 110.16 compared to the opening levels at 110.10, after hitting its highest since May 7 at 110.32, Session at 110.02.
On the Japanese economy, the preliminary reading of GDP for the first quarter, which showed a 0.5% expansion, showed little change from the previous quarter's reading, in contrast to expectations of 0.1% contraction. The preliminary annual reading of the index showed growth accelerated to 2.1% versus 1.6%. % In the fourth quarter, also contrary to expectations that indicated contraction of 0.2%.
This came before the world's third-largest industrialized nation saw industrial sector data release with the final release of industrial production, which showed a contraction of 0.6% from March's preliminary reading and expectations of 0.9% versus 0.7% in February. , As the annual index of the same index showed that the decline shrank to 4.3% from 4.6% while energy utilization declined 0.4% from 1.0%.
On the other hand, investors are looking to talk to Fed Deputy Governor Richard Clarda later today about the Federal Reserve policy strategy, tools and communication practices at the event hosted by the New York Federal Bank, and this comes hours before the forthcoming speech of Federal Reserve Governor Jerome Powell tomorrow Tuesday at the Florida Financial Markets Conference entitled "Risk Assessment of Our Financial System".
Technical Analysis
The USD / JPY pair has tested the 110.08 level and has maintained its stability below it, keeping the bearish scenario intact so far, and the price needs to breach 109.44 to head towards our next major target at 108.80, noting that a break of 110.08 will push the price for additional gains to start At 110.86 and extending to restore the bullish trend over the short term.
The trading range for today is expected among the support at 109.20 and the resistance at 110.60.
The general trend for today is bearish.