JPY Analysis 18.11.2019

The US dollar fluctuated in a narrow range upward during the Asian session to witness the rebound for the third session of its lowest since November 4 against the Japanese yen amid the lack of economic data earlier this week by the Japanese economy and on the eve of developments and economic data expected on Monday By the American economy the largest economy in the world.

At 05:53 AM GMT the USDJPY rose 0.02% to 108.82 levels from the opening levels of 108.80, after hitting a session high of 108.87 and a low of 108.67.

Investors in the US economy are awaiting the release of the housing market data with the release of the housing index by the National Association of Home Builders, which may reflect stability at 71 in November. This comes before we will see tomorrow the reading of both the housing starts. The building permit and expectations of a decline in building permits and the rise of homes started in October will shrink.

Technical Analysis

USDJPY is showing positive trades and is attempting to return to the ascending channel shown in the picture, reinforcing expectations for the continuation of the bullish trend over the coming sessions, whose targets start at 109.33.

Therefore, we hold onto our bullish outlook provided that stability is above 108.40, reminding that exceeding the first target will push the price to 110.50 as the next major stop.

Expected trading range for today is between 108.40 support and 109.60 resistance.

Expected trend for today: Bullish.