Japanese Yen Analysis 29-05-2019

The US dollar fluctuated in a tight range slipping towards the Asian session to see its fifth session rebound in seven of the highest since May 7 against the Japanese yen amid a lack of economic data on the Japanese economy, the third largest economy in the world and on the eve of developments and economic data expected today Wednesday by the US economy, the world's largest economy.

At 05:56 am GMT, the US dollar fell against the Japanese yen by 0.09% to 109.28 compared to the opening levels at 109.38, after reaching its lowest level since the 14th of this month at 109.15, while the highest during the session at 109.44.

Investors in the US economy are eyeing the release of the Chicago Purchasing Managers Index, which may reflect a 6 to 3 gain in April, just hours before the second reading of Q1 GDP, which may reflect the largest economy in the world. The world's 3.1% compared to the previous preliminary reading which indicated growth of 3.2% during the last quarter quarter.

Technical Analysis

The USD / JPY pair managed to break below 109.44 and stalled again, bolstering expectations for the expected bearish correction over intraday basis, noting that our next target is at 108.80.

In general, we will hold onto our downside if the 110.08 level is not breached and stability above it, noting that exceeding the target will extend the downside wave to 108.00 as the next major station.

The trading range for today is expected among the key support at 108.60 and the resistance at 109.80

The general trend for today is bearish