USDJPY Analysis 23.11.2018

The US dollar fluctuated in a narrow range slipping towards the Asian session to see its fifth session decline in nine sessions from its highest since October 4, 2018, against the Japanese yen following developments and economic data that followed on the Japanese economy and amid a lack of economic data on Thursday by the US economy is the biggest economy in the world because of the Thanksgiving holiday in the United States.

The US dollar against the Japanese yen did not achieve any meaningful movements as the session opened at 112.9.

On the Japanese economy, we saw the National Consumer Price Index (NFP) annual reading, which showed growth accelerated to 1.4% in line with expectations compared to 1.2% in the previous annual reading for September, while the annual readings of the same index excluding fresh and excluded food And energy stability at 1.0% and 0.4%, respectively, in line with expectations.

Technical analysis:

The USD / JPY pair is trading slightly below the broken support of the ascending channel and is under negative pressure formed by SMA 50. The downside scenario remains valid for the coming period, relying on stability below 113.56, with our awaited targets at 112.10 111.45.

The trading range for today is expected among the support at 112.00 and the resistance at 113.56.

Support and resistance:

Support: 112.10-111.45;

Resistance: 112.90-113.50.

The general trend for today is bearish.