JPY Analysis 15.10.2019

The US dollar fluctuated in a narrow, bearish range during the Asian session against the Japanese yen following the developments and economic data that followed on Tuesday on the Japanese economy, which included the speech of Bank of Japan Governor Haruhiko Kuroda and on the eve of the upcoming speech of members of the Federal Open Market Committee.

At 06:29 AM GMT, the USDJPY fell 0.06% to 108.34 levels from the opening levels of 108.34, after hitting a session low of 108.28, while hitting a high of 108.45.

Arab Bank of Japan Governor Haruhiko Kuroda said that inflationary pressures are hovering around 0.5% and that the Bank of Japan will continue to expand its monetary base until inflation steadily exceeds the inflation target of 2%. Futures are at very low levels for an extended period, adding at least until the spring of 2020.

This came before the third largest industrialized country in the world witnessed the release of the industrial sector data with the release of the Terrater Industrial Index which showed growth accelerated to 0.4% vs. 0.1% in July, below expectations of 0.6%, in conjunction with the release of The final reading of industrial production, which showed a steady decline of 1.2%, little changed from the previous initial reading for August, in line with expectations, and against a rise of 1.3% in July.

On the other hand, investors await the FOMC members, Kansas City Federal Reserve Chairman Esther George, who will talk about US payment systems at the event hosted by the Federal Reserve Bank of Chicago, before witnessing the dumping of St. Louis Fed President James. `` Federal Reserve Monetary Policy Option '' at the 2019 Monetary and Financial Policy Conference in London.

Technical Analysis

USDJPY continues to fluctuate around 108.40 without breaching so far, waiting for a positive incentive to confirm the breach and push the pair towards 109.33 which is our next positive target.

In general, we continue to favor the bullishness for the coming period unless the 107.45 level is broken and stability below it, noting that SMA 50 supports the suggested bullish wave.

Expected trading range for today is between 107.60 support and 109.10 resistance

Expected trend for today: Bullish