The US dollar fell during the Asian session against the Japanese yen amid the lack of economic data on Tuesday by the Japanese economy and also with the lack of economic data by the US economy at the beginning of this week, which includes the disclosure of the minutes of the Fed meeting and the start of the symposium Jackson Hole, which will include conservative speech Federal Reserve Jerome Powell next Friday.
At 06:24 AM GMT, the USDJPY fell 0.17% to 106.46 levels from 106.64 opening levels, after hitting a session low of 106.43 and a high of 106.69.
Investors are awaiting the outcome of Federal Open Market Committee (FOMC) and Federal Reserve Vice Governor Randall Quarles' talk about community development at the Utah Stability Settlement Center in Salt Lake City. Held in with the end of last July.
At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.
Next Thursday, we are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Jerome Powell under the title "Monetary Policy Challenges" during the seminar.
Technical Analysis
USDJPY provided positive trading yesterday to test the 106.70 level and stabilize at it, keeping it below this level so far, which keeps the bearish scenario valid for now, supported by stochastic negativity, waiting for the breach of 106.05 to open the way towards achieving our extended targets. Up to 105.05 and then 104.60.
Note that a break of 106.70 will stop the expected decline and lead the price for additional gains of 107.70 in the near term.
Expected trading range for today is between 105.70 support and 107.00 resistance
Expected trend for today: Bearish.