03.12.2019
The US dollar fluctuated in a narrow, bullish range during the Asian session to witness the rebound for the second session from the lowest since November 26 against the Japanese yen following the developments and economic data followed by the Japanese economy, the third largest economy in the world and the lack of economic data on Tuesday from Ahead of the US economy the largest in the world.
At 06:03 AM GMT the USDJPY rose 0.19% to 109.19 levels from the opening levels of 108.98 after hitting a session low of 108.95 and a high of 109.21.
On the other hand, the Japanese economy followed the release of the Bank of Japan's annual monetary base reading, which showed that the pace of growth accelerated to 3.3% from 3.1% in October, below expectations that the pace of growth accelerated to 3.4%. The Japanese central bank has started to use this indicator as its main operational target for the monetary base chart since April 2013.
Technical Analysis
USDJPY traded markedly negative yesterday, breaking 109.33 and stabilizing below it, putting the pair under expected negative pressure over intraday basis, on its way to initially test 108.40.
Therefore, the bearish bias is likely for today unless breaching 109.33 level and holding above it again, noting that exceeding the target will provide signals on the direction of the price to achieve further declines in the short term.
Expected trading range for today is between 108.40 support and 110.00 resistance.
Expected trend for today: Bearish.
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