The US dollar fluctuated in a narrow range slipping towards the Asian session to see its third session retreat since May 31 against the Japanese Yen following developments and economic data that followed the Japanese economy, the third largest economy in the world and on the eve of developments and economic data expected today Thursday by the US economy, the world's largest economy.
At 05:59 GMT, the pair was down 0.15% to 108.34 from the opening level at 108.50 after recording a low of 108.17 and a high of 108.54.
We have followed the Japanese economy, the world's second-largest industrial nation, as the Bank of Japan unveiled manufacturing manufacturing statistics, which showed a contraction of 10.4 to 7.3 in the first quarter, above expectations of 4.5, Which rose 0.8% from 0.2% in March, beating expectations for a 0.4% gain.
On the other hand, the markets are currently waiting for the US economy to reveal the reading of the index of claims for the week of June 7, which may reflect a decrease of 3 thousand applications to 215 thousand requests, in conjunction with the publication of the import price index, which may reflect a decline 0.3% versus 0.3% in April, while the same year's annual reading may show a 1.4% drop to 0.2%.
Technical Analysis
USDJPY is showing further bullishness towards the pivotal resistance of 108.80. We note that the SMA 50 is putting pressure on the price to protect the negative scenario suggested in our recent reports. Therefore, we are waiting for a bearish bounce to initial the 108.00 level, 106.75 as a next station.
On the other hand, it should be noted that the breach of 108.80 is considered the initial positive key to regain the bullish trend again.
The trading range for today is among the key support at 107.80 and resistance at 109.00.
The general trend for today is bearish.