The US dollar fluctuated in a narrow range slanting to an upside during the Asian session against the Japanese yen, amid scarce economic data by the Japanese economy and on the cusp of economic developments and data expected today, Thursday, by the US economy, the largest economy in the world.
At exactly 07:01 am GMT, the US dollar against the Japanese yen rose by 0.04% to 104.46 levels compared to the opening levels at 104.42, which is the pair's lowest level during the session's trading, while it achieved its highest at 104.54.
Investors are currently awaiting the American economy to see the release of the aid claims index reading for the past week on November 28, which may reflect a decrease of 3 thousand applications to 775 thousand applications compared to 778 thousand applications in the previous reading. Last month, on the 21st of last month, a decrease of 156 thousand requests to 5,915 thousand applications compared to 6,071 thousand applications in the previous reading.
This comes, before we witness the release of the final reading of the Service Provisioning Institute index by Markit on America, which may reflect a contraction in the breadth to 57.5 compared to the initial reading of last month at 57.7 and compared to a widening of 56.9 last October, leading to revealing the reading of the Service Provision Institute index reading. By the largest economy in the world, which may explain the contraction of the expansion to 56.0 compared to 56.6 in October.
Technical analysis
The EURUSD pair continues to provide positive trading, approaching our extended target at 1.2150, and we expect the bullish trend to prevail in the upcoming sessions, noting that surpassing the mentioned level will push the price to 1.2300 as a next major stop.
Consequently, the bullish trend will remain valid and effective for the upcoming period, provided the price maintains its stability above 1.2011 level.
The expected trading range for today is between 1.2050 support and 1.2220 resistance
The expected general trend for today: Bullish