22.10.2019
The US dollar fluctuated in a narrow range, tilted lower during the Asian session to witness the rebound for the third session in four sessions from its highest since early August, when it tested the highest since late May against the Japanese yen amid the lack of economic data by the Japanese economy and on the threshold Economic developments and data expected on Tuesday by the US economy, the largest economy in the world.
At 05:59 AM GMT the USDJPY fell 0.01% to 108.61 levels compared to the opening levels of 108.62, after the pair reached its lowest level during the session at 108.56, while the highest level at 108.73.
Investors in the US economy are awaiting the release of the housing market data with the release of the Existing Home Sales which may show a decline of 0.7% to 5.45 million versus a rise of 1.3% at 5.49 million in August. Richmond Industrial which may show contraction shrank to a value of 7 vs. 9 in September.
USDJPY has held steady above 108.40, showing positive trades in an attempt to move away from the mentioned level, supporting the continuation of the bullish trend scenario that is regulated within the ascending channel shown in the picture, waiting to test 109.33 as the next stop.
Keep in mind that a break of 108.40 will pressure the price to return to the downside and achieve negative targets starting at 107.45.
Expected trading range for today is between 108.00 support and 109.33 resistance
Expected trend for today: Bullish
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