JPY/ USD Daily Analysis 27-11-2018

The US dollar rose during the Asian session to see its fourth session rise in five sessions from its lowest since October 30 against the Japanese yen following developments and economic data that followed Monday on the Japanese economy and amid the lack of economic data by the US economy, the largest economy in the world Early this week.

At 06:58 GMT, the greenback was up 0.24% at 113.23 compared with the opening levels at 112.96 after reaching the highest level since November 16 at 113.29. During the trading session at 112.88.

On the Japanese economy, the third-largest economy in the world, the November Industrial PMI showed a contraction of 51.8 versus 52.9, which was revised from 53.1 in October, the current forecast is worse than analysts' expectations of 53.0.

Technical Analysis:

The USD/JPY pair traded positively yesterday to test the initial resistance of 113.56, noting that breaching this level will facilitate the price action towards our main positive target at 114.55.

Thus, the bullish trend will remain for today, supported by the SMA 50 which carries the price from the bottom, and the Stochastic is moving towards the overbought area in its bullishness.

With a reminder of the importance of stability above 112.96 for the continuation of the expected rise.

The trading range for today is among the key support at 113.00 and resistance at 114.50.

Support and resistance:

Support: 112.97-112.13-111.44

Resistance: 113.50-114.03-114.50

The general trend for today is bullish

Author: Maher Maarouf