JPY technical analysis 01.07.2019

The US dollar rose during the US session in the first session of the week, the month and quarter this quarter to see its rebound to the third session in five sessions of its lowest since January 3 against the Japanese yen following developments and economic data that followed on the Japanese economy and on the eve of economic developments and data Expected on Monday by the US economy, the world's largest economy.

At 05:56 am GMT, the pair rose 0.18% to 108.31 compared to the opening levels at 108.11 after the pair reached its highest level since June 19 at 108.51, The session opened at 108.07, with the pair opening the week, the month and the quarter on the current gap in the price of rising after the close of the first half of this year at levels of 107.85.

We have followed the Japanese economy, the world's third-largest economy, to reveal the Industrial and Service Tankan Index, which showed the contraction of the industrial sector to a value of 7 to 12 in the first quarter, worse than expectations of a contraction to 9, while the service sector expanded to From 23 to 21 in the first quarter, in contrast to expectations of a 20-fold contraction.

This was before the third-largest industrial nation also saw the release of the Nikkei PMI, which showed a contraction of 49.3 from the previous month's 49.5 reading and 49.8 in May. To 38.7 versus 39.4 in May, worse than expected at 39.2.

On the other hand, investors are currently waiting for the US economy to release the final PMI index by Markit for the United States, the world's largest industrial country, which may reflect the stability of the widening at 51.0, unchanged from the previous June preliminary reading And 50.5 in May.

Before we see the index of the Institute of Industrial Supply Institute, which may show a contraction of the breadth to 51.3 compared to 52.1 in May, as may show reading the same index measured in prices reduced the breadth to 52.9 compared to 53.2, in conjunction with the publication of the index of expenditure on Which could reflect a 0.1% rise versus stability at zero levels last April.

Technical Analysis

USDJPY started trading today with a bullish wave to move above the resistance of the descending channel appearing in the picture, opening the way for a bullish correction to start over the intraday basis, with the positive targets beginning to test the 108.90 level.

Therefore, the upside will be expected for today unless the level of 108.00 is broken and stability below it, noting that the breach of the target level will extend the upside wave to reach 109.60 as a next stop.

The trading range for today is among the key support at 107.80 and resistance at 109.00.

The general trend for today is bullish.