USDJPY analysis 17.12.2019

The fluctuation of the US dollar in a narrow range slanting upward during the Asian session to witness its stability near the top of it has seven months against the Japanese yen amid the scarcity of economic data by the Japanese economy, the third largest economy in the world and on the cusp of developments and economic data expected today Tuesday by the American economy the largest economy In the world.

At 05:51 am GMT, the US dollar pair rose against the Japanese yen by 0.01% to 109.56 levels compared to the opening levels at 109.55, after the pair achieved its highest during the trading session at 109.63, while achieving the lowest at 109.49.

Investors are currently awaiting the release of housing market data by the US economy, with the release of each of the start-up homes and building permits, and amid expectations that building permits will decline by 3.8% to about 1,405 thousand permits, compared to a rise of 5.0% at 1,461 thousand permits in October, while Homes constructed may reflect an increase of 2.0% to about 1,340,000 homes compared to a rise of 3.8% at 1,314 thousand homes.

This comes before we witness the disclosure of industrial sector data for the largest economy in the world with the release of the industrial production index, which may show a rise of 0.8% compared to a decline of 0.8% in October. While the Energy Utilization Index reading may show the acceleration of growth to 77.4% compared to 76.7% in September, leading to the release of the employment and employment statistics reading, which may reflect a decrease to 7.01 million compared to 7.02 million in September.

Technical analysis

The dollar / yen pair trades above 109.33, to keep the upside scenario intact as it remains unchanged for the upcoming period, supported by the EMA50, waiting for the direction towards 110.50 as the next main target.

On the other hand, it should be noted that a break of 109.33 will stop the expected rise and put pressure on the price to achieve negative targets that start at 108.40.

The expected trading range for today is between 109.00 support and 110.20 resistance.

Expected trend for today: bullish.