14.05.2019
The US dollar rose during the Asian session to see its rebound to the second session of its lowest since early February against the Japanese yen following developments and economic data that followed the Japanese economy, the third largest economy in the world and on the eve of developments and economic data expected Tuesday by the US economy largest economy In the world.
At 06:22 GMT, the USDJPY rose 0.25% to 109.57 from the opening levels of 109.30, after reaching a high of 109.71 and a low of 109.15.
On the Japanese economy, we saw the annual reading of the Bank lending index, which showed growth accelerated to 2.4% from the previous March and 2.3%, before we saw the reading of the current account, which showed the surplus to the value of 2.85 trillion yen from 2.68 trillion yen in February, below expectations that the surplus would widen to 3.00 trillion yen.
In the same context, the seasonally adjusted CPI showed a surplus shrinking to 1.27 trillion yen from 1.90 trillion yen in February, worse than the forecast of 1.171 trillion yen, before we saw the release of the Echo Watchers' Which showed shrinking to 45.3 versus 44.8 in March, below expectations of 45.9.
This comes before we see the US economy reading the import price index, which may reflect the acceleration of growth to 0.7% compared to 0.6% in March, while the annual reading of the same index may show a rise of 0.3% against stability at zero levels, before we see the talk Expected to head the Kansas City Federal Reserve, St George, about the economy at the economic club in Minneapolis, Minnesota.
The USDJPY broke the 109.44 level and settled below it, which supports our continued bearish outlook for the coming period and is open to our next target at 108.80.
SMA 50 continues to support the suggested bearish wave, which will remain intact with stability below 110.08.
The trading range for today is expected among the key support at 108.60 and the resistance at 109.70
The general trend for today is bearish
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