JPYUSD Analysis 28.11.2019

The US dollar fluctuated in a narrow range, tilted lower during the Asian session to witness the rebound for the second session since May 31 against the Japanese yen following the developments and economic data that followed on Thursday on the Japanese economy amid the lack of economic data on Thursday by the US economy Because of the Thanksgiving holiday in the United States.

At 06:15 am GMT, the dollar against the Japanese yen fell by 0.08% to 109.45 levels compared to the opening levels at 109.55 after the pair reached its lowest level during the session at 109.57, while the highest level at 109.33.

The Japanese economy followed the seasonally adjusted preliminary retail sales figure which showed a decline of 8.2% versus a rise of 10.0% in the previous reading for the month of September, worse than expectations for a decline of 7.1%, as the annual reading of the same index showed a decline of 7.1% against a rise 9.2% in the prior yearly reading for September, also worse than expectations for a decline of 3.8%.

Technical Analysis

USDJPY succeeded in breaching the 109.33 level and holding steady with a daily close above it, reinforcing expectations for the bullishness to continue in the intraday and short term, paving the way for visiting 110.50 as the next main stop.

The ascending channel continues to regulate the suggested bullish wave, which gets sustained support from SMA 50, noting that a break of 109.33 might put pressure on the price to test 108.40 areas again before any fresh attempt to rise.

Expected trading range for today is between 108.80 support and 110.20 resistance.

Expected trend for today: Bullish.