USDJPY Analysis 02.04.2019

The US dollar fluctuated in a narrow range slipping towards the Asian session to see its rebound from its highest since March 20 against the Japanese Yen following developments and economic data that followed on the Japanese economy and on the eve of developments and economic data expected Tuesday by the US economy largest economy In the world.

At 05:52 GMT, the USDJPY dropped 0.02% to 111.33 from the opening levels at 111.35, after hitting a session low of 111.29 and a two-week high of 111.46.

We followed the Japanese economy to reveal the annual reading of the Bank of Japan's monetary base index, which showed a slower pace of growth to 3.8% from 4.6% in February, beating forecasts that growth slowed to 4.4%. Japan has been using this indicator as its main operational target for the monetary base scheme since April 2013.

On the other hand, investors are looking for the US economy to detect the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 1.1% drop from January's + 0.3%. , While the core reading of the index itself may rise 0.3% from 0.2% in January.

Technical Analysis

The pair gave the pair a good positive trading session yesterday, but it faced a resistance line that appears in the image, which might push the price to test pivotal support 111.00 before resuming a fresh rally.

SMA 50 provides positive support for the price, to continue the bullishness over the intraday basis unless 111.00 is broken and stability below it, while we are waiting to target 111.70 then 112.14 as the next major stations.

The trading range for today is expected among the support at 110.86 and the resistance at 112.00

The general trend for today is bullish