The US dollar fell during the Asian session to stabilize near the five-month low against the Japanese yen amid tight economic data by the Japanese economy on the brink of the forthcoming speech of Bank of Japan Governor Haruhiko Kuroda at the spring meeting of the Institute of International Finance in Tokyo and developments and economic data expected on Thursday from Ahead of the US economy, the world's largest economy.
At 06:03 GMT, the pair dropped 0.29% to 108.15 from the opening level at 108.46 after recording a low of 108.13 and a high of 108.47.
Investors are currently waiting for the US economy to disclose the final reading of the productivity index and the cost of one work, which may show the stability of productivity growth at 3.6%, unchanged from the first reading of the first quarter, compared to 1.9% in the previous reading of the fourth quarter last, Also slightly unchanged from preliminary reading and versus 2.0% growth in the previous quarter's reading.
This comes in conjunction with the reading of the index of claims for the week ending in early June, which may reflect the stability of 215 thousand requests, unchanged from the previous weekly reading, while may show the reading of the index of applicants for aid for the week of 25 May increase By 5 thousand applications to 1,662 thousand applications compared to 1,657 thousand applications in the previous weekly reading.
This is also in line with the release of the trade balance, which could reflect a widening deficit to $ 50.5 billion versus $ 50.0 billion in March, before we see the expected talk of FOMC member and New York Fed Chairman John Williams about the economy At the Council on Foreign Relations in New York.
Technical Analysis
USD/JPY pair is showing some slight bullishness after finding strong support at the 108.00 barrier, and we are still waiting to break this level to confirm the continuation of the bearish trend in the short term, noting that Stochastic is providing negative signals that support the chances of achieving the desired break and then rush towards Our next main goal is up to 106.75.
In general, we will continue to bias the bearishness in the coming sessions provided that the price remains stable below the level of 108.80.
The trading range for today is expected among the key support at 107.40 and the resistance at 108.80.
The general trend for today is bearish.