The US dollar fluctuated in a narrow range slipping into the US session to see its rebound for the second session of its highest since June 19 against the Japanese yen following developments and economic data that followed the Japanese economy, the third largest economy in the world and amid the lack of economic data on Tuesday from Ahead of the US economy, the world's largest economy.
At 05:51 am GMT, the pair dropped 0.10% to 108.34, compared to the opening levels at 108.45 after the pair reached a low of 108.28 and a high of 108.47.
We followed the Japanese economy to reveal the annual reading of the monetary base index by the Bank of Japan, which showed accelerated growth to 4.0% compared to 3.6% in May, contrary to expectations that indicated a slowdown in growth to 3.4%. The Central Bank Japan has been using this indicator as its main operational target for the monetary base scheme since April 2013.
On the other hand, investors are currently looking forward to what Federal Reserve Federal Reserve Chairman and Federal Reserve Bank of New York Chairman John Williams, who is scheduled to take part in a panel discussion on the future of global economic and monetary policy at the event in Zurich, Swiss Union.
Technical Analysis
USD/JPY is trading above the resistance of the descending channel, and the price remains above the 23.6% Fibonacci level, awaiting the continuation of the upside correction which is next target at 108.90.
Therefore, we will keep our bullish outlook steady above 107.95, with a breach of 108.90 to pay directly to 109.60.
The trading range for today is among the key support at 107.95 and resistance at 109.10ю
The general trend for today is bullish.