JPY analysis 27.05.2019

The US dollar fluctuated in a narrow range inclined during the Asian session to see its rebound to its second low since May 15 against the Japanese Yen after Japanese Bank Governor Haruhiko Kuroda, in conjunction with US President Donald Trump's visit to Tokyo and on the eve of the US market's absence. Memorial Day holiday there.

At 0634 GMT, the USDJPY rose 0.20% to 109.53 from the opening level at 109.32, after recording a high of 109.56 and a high of 109.28.

BOJ Governor Kuroda said the outlook for the global economy reflected a high degree of uncertainty, to alarm the global economy, days before his country hosted a meeting of G20 finance ministers and central bank governors on June 8 and 9 with Addressing the risks of trade protectionism, China's economic slowdown and the fog of Britain's exit negotiations from the EU.

Kuroda's remarks came ahead of a press conference by Japanese Prime Minister Shinzo Abe and US President Trump, who had previously said Tokyo had "a great advantage" over Washington for many years. He said both sides were "getting closer" to a deal that would address Japan's trade deficit with Japan, which hit $ 56.8 billion last year, according to the US Trade Representative.

Technical Analysis

The USD / JPY pair broke the 109.44 level and closed with a daily closing below it, which supports the continuation of our expectations for the bearishness over intraday and short term, paving the way towards the 108.80 target which is our next main target, noting that the continuation of the expected decline requires stability below 110.08.

The trading range for today is expected among the key support at 108.80 and the resistance at 109.80.

The general trend for today is bearish.