USDJPY analysis 14.04.2020

The US dollar fluctuated in a narrow range slanting back down during the Asian session to witness its bounce to the fifth session in seven sessions from the top since March 27 against the Japanese yen amid the scarcity of economic data by the Japanese economy and on the cusp of developments and economic data expected on Tuesday by the economy The American is the largest economy in the world.

At exactly 05:51 am GMT, the US dollar pair fell against the Japanese yen by 0.06% to 107.71 levels compared to the opening levels at 107.77, after the pair achieved its lowest level during the trading session at 107.54, while achieving the highest at 107.78.

Investors are currently awaiting by the American economy the release of the import price index, which may explain the widening of the decline to 3.1% compared to 0.5% last February, as the annual reading of the import price index may show a widening decline to 4.6% compared to 1.2% in the previous annual reading For the month of February, otherwise we followed up on some report that touched on the decline in the rate of coronavirus infection in New York.

Technical analysis

The dollar versus yen pair made notable negative trades yesterday to touch our first awaited target at 107.68, and begins to press negatively on this level now in an attempt to confirm its break, reinforcing the expectations of the continuation of the downtrend during the coming period, noting that our next stop is located at 106.44.

SMA 50 constitutes a negative pressure against the price, to continue to suggest the bearish bias today, noting that failure to confirm a break of 107.68 could push the price to achieve immediate gains that start with testing the 108.50 level and it may extend to 109.20 before any new attempt to decline.

The expected trading range for today is between 106.50 support and 108.40 resistance.

Expected trend for today: bearish.