JPY analysis 21.05.2019

The US dollar fluctuated in a narrowly bullish range during the Asian session to see its fifth session rebound in seven sessions from its lowest since early February against the Japanese yen amid tight economic data from the Japanese economy and the speech of Federal Reserve Governor Jerome Powell in Florida and on the eve Developments and economic data expected Tuesday by the US economy, the largest economy in the world.

At 05:08 GMT, the USDJPY rose 0.08% to 110.15 compared to the opening levels at 110.06, after reaching a high of 110.26 and a low of 110.02.

Just a little while ago, Fed Governor Jerome Powell delivered a speech titled "Risk Assessment of Our Financial System" at the Financial Markets Conference. Markets are currently looking to release US housing data with the Existing Home Sales Index reading, which could reflect a 2.7% rise to 5.35 million homes Compared to a 4.9% fall at 5.21 million homes in March.

Technical Analysis

The USD / JPY pair continues to fluctuate around 110.08 and remains below it, keeping our bearish and intraday bearish expectations targeting 109.44 and 108.80 as the next major stops.

The break above 110.08 and stability above it will lead the price to start attempts to recover and regain the main trend again, where the positive targets start at 110.86 and extend to the areas of 112.00 after the breach of the previous level.

The trading range for today is expected among the support at 109.20 and the resistance at 110.60.

The general trend for today is bearish.