USDJPY analysis 11.02.2020

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session against the Japanese yen amid the scarcity of economic data by the Japanese economy due to the National Foundation Day holiday in Japan and on the cusp of developments and economic data expected on Tuesday by the American economy, which includes the launch of the activities of the semi-annual governor of Federal Reserve Jerome Powell in front of the Congress in Washington.

At exactly 05:53 AM GMT, the US dollar pair rose against the Japanese yen by 0.11% to 109.89 levels compared to the opening levels at 109.77, after the pair achieved its highest level during the trading session at 109.91, while the pair achieved its lowest at 109.74.

Investors are currently awaiting by the US economy, the largest economy in the world, the launch of the activities of the semi-annual Governor of the Federal Reserve Jerome Powell before the Congress, where it is expected that Powell will present today the first half of his half-year testimony about monetary policy before the Financial Services Committee in the House of Representatives And that is before tomorrow, Wednesday, he will give the second half of his testimony before the Senate Banking Committee.

Markets are also looking ahead by the US economy for the release of a job readability statistic and job turnover that may reflect an increase to 6.93 million compared to 6.80 million in November, before we witness the speech of FOMC members Randall Quarles about Banking Connectivity in Connecticut, and Federal Reserve Bank of Minneapolis President Neil Kashkari speaks at the Montana Town Hall event.

Technical analysis

The dollar pair against the yen begins today's trading with a slight bullish tendency in an indication of the price trend to resume the expected bullish path for the coming period, which aims to visit the 110.50 level as a first station, noting that the moving average 50 supports the expected rise, which extends its objectives to reach 111.50 after exceeding the previous level.

On the other hand, it should be noted that a break of 109.33 will stop the suggested rally and put pressure on the price to turn towards the downside.

The expected trading range for today is between 109.30 support and 110.50 resistance

Expected trend for today: bullish.