USDJPY Analysis 23.04.2019

The US dollar fluctuated in a tight range slipping towards the Asian session to see its rebound for the third session in five sessions of its highest since December 20 against the Japanese yen following developments and economic data that followed the Japanese economy, the third largest economy in the world and on the brink of developments And economic data expected Tuesday by the US economy, the largest economy in the world.

At 05:45 GMT, the US dollar fell against the Japanese yen by 0.03% to 111.91 compared to the opening levels at 111.94, after hitting the lowest level since April 12 at 111.65, while achieving the highest during Trading session at 111.85.

We followed the Japanese economy to release inflation data with the core CPI reading, which showed growth acceleration to 0.5% in line with expectations versus 0.4% in February, and comes hours before the BoJ meeting on Thursday which may During which the central bank's monetary policymakers will maintain zero interest rates and move forward with stimulus policies.

On the other hand, markets are looking to release US housing data, with the Home Price Index reading, which could reflect a 0.4% growth in February, while the New Home Sales Index may show a 3.0% drop to 647K versus 4.9% At 667,000 in February, in conjunction with the Chicago PMI reading, which may show a 10-month widening stability.

Technical analysis:

The USD / JPY pair opened today with a significant bearish trend to move below SMA 50, bolstering expectations of a continuation of the expected bearish trend over intraday basis targeting 111.50 and then 110.86.

We note that the break of the last level will extend the short term bearish wave to reach 110.08 as the next target, while the breach of 112.14 key to return to resume the main trend bullish again.

The trading range for today is among the key support at 111.00 and resistance at 112.40

The general trend for today is bearish