USDJPY analysis 13.03.2020

The rise of the US dollar during the Asian session to witness its bounce back for the third session in five sessions from the lowest since October 3, 2016 against the Japanese yen after the developments and economic data that were reported by the Japanese economy and on the cusp of developments and economic data expected on Friday by the American economy the largest economy In the world.

At exactly 06:53 AM GMT, the US dollar pair rose against the Japanese yen by 0.83% to 105.51 levels compared to the opening levels at 104.64, after the pair achieved its highest level during the trading session at 104.64, while achieving the lowest at 104.51.

We have followed about the Japanese economy, the third largest economy in the world and the third largest industrialized country globally, the disclosure of industrial sector data with the release of the January industrial index for January, which showed a rise of 0.8% compared to 0.3%, which was modified from a decrease of 0.2% in the previous reading Last December, contrary to expectations, which indicated stability at zero levels.

On the other hand, investors are currently awaiting by the US economy the release of the import price index, which may indicate a decline of 1.0% against stability at zero levels in January, while the annual reading of the same index may show a decline of 1.6% against a rise of 0.3%, and this comes Before we witness the revelation of the preliminary reading of the University of Michigan index of consumer confidence, which may show a decrease in value to 95.0 compared to 101.0 last February,

Technical analysis

The dollar versus the yen traded noticeable positive yesterday to breach the 104.63 level and settles above it, and the day begins with a further rise to confirm the stop of the negative pressure that dominated the recent trading and the shift towards the rise, waiting for the achievement of positive goals that start at 106.68 and extend to 107.98.

Consequently, we expect more bullish bias today, noting that breaching 104.63 and holding below it will stop the current rise and put the price under negative pressure again.

The expected trading range for today is between 105.00 support and 106.70 resistance.

Expected trend for today: bullish.