JPYUSD analysis 28.08.2020

The dollar fell against the Japanese yen during trading on Friday, giving up its highest level in two weeks, which is recorded earlier in trading.

The US currency had received support from the recovery of Treasury yields following the Federal Reserve’s decision to adopt a new policy to support the labor market and allow inflation to rise for some time.

And investors in the Asian markets are closely watching the comments that Japanese Prime Minister Shinzo Abe will make later today.

These statements from "Abe" come in light of concerns about his health, the extent of his ability to lead the country, and economic relations with the United States.

The dollar had risen against the Japanese yen by 0.3% to 106.695, the highest level since August 14th.

In terms of trading, the US dollar fell against the Japanese currency by 06:40 GMT by 0.2% to 106.3, and recorded the highest price at 106.9, while the lowest price was recorded at 106.1.

Technical analysis

The USD / JPY fell strongly during the past hours, to breach the support levels of 106.44-106.15, after yesterday's movement.

The dollar against the yen rose strongly yesterday, to breach the 106.44 level and close the daily candlestick above it,

Today, the prince tried to start trading with more gains, to move away from the aforementioned level, to confirm the reversal of the intraday path to the upside, on its way to head towards 107.68, which represents our next positive target.

Consequently, the bullish trend will be expected during the upcoming sessions, keeping in mind that breaching 106.44 will stop the suggested ascend and press the price to decline again.

The expected trading range for today is between 105.90 support and 107.68 resistance

The expected general trend for today: Bullish