USDJPY Analysis 11.02.2019

The US dollar rose during the Asian session to see its fifth session rebound in eight sessions from its lowest since January 16 against the Japanese yen as the Japanese economy was absent earlier this week due to the celebration of the National Day of Establishment in the world's third-largest economy, Economic data on Monday by the US economy the largest economy in the world.

At 05:58 am GMT, the pair rose 0.23% to 109.98 compared to the opening levels at 109.73 after the pair reached a high of 110.01 and a low of 109.69.

Investors are looking forward to Federal Open Market Committee (FOMC) member and Federal Reserve Governor Michael Bowman speaking at the annual meeting of the American Association of Community Bankers in San Diego, coming hours before Federal Reserve Governor Jerome Powell delivered a speech on Tuesday entitled "Economic Development in Communities Rural poverty "at the Rural Policy Forum of the Hope Foundation in Mississippi.

Technical Analysis

The USD / JPY pair is opening today with a bullish bias towards the awaited target of 110.24, reinforcing expectations for a continuation of the uptrend in the coming sessions, noting that a breach of this level will extend the upside wave to 111.56 as the next major station.

SMA 50 supports the expected high, which requires stability to remain above 109.16.

The trading range for today is expected among the key support at 109.30 and the resistance at 110.70

The general trend for today is bullish