USDJPY analysis 23.11.2020

The US dollar fluctuated in a narrow range tilted towards a decline during the Asian session, to witness the resumption of its rebound from the high since October 20 for the seven in nine sessions against the Japanese yen amid scarcity of economic data at the beginning of this week by the Japanese economy due to the Thanksgiving holiday for workers In Japan, on the cusp of economic developments and data expected today, Monday, from the US economy, the largest in the world.

At 06:57 am GMT, the US dollar against the Japanese yen declined by 0.12% to 103.74 levels compared to the opening levels at 103.86, after the pair achieved its lowest level during the session's trading at 103.72, while it achieved its highest at 103.88.

Investors are currently looking to unveil the preliminary reading of the Markit Industrial and Service Purchasing Managers' Index from the United States of America, which may reflect the contraction of the industrial sector in the largest industrial country in the world to a value of 52.5 compared to 53.4 in the previous reading for last October, and the contraction The service sector expanded to a value of 55.8, compared to 56.9 in October.

Technical analysis

The dollar versus yen pair continues to fluctuate at 103.65, and the price is under the negative pressure that the 50 moving average is forming, while the stochastic oscillator starts to cross negatively now.

Thus, these factors support the chances of breaking the aforementioned level to open the way to heading towards 103.00 as a next negative station, bearing in mind that breaching 104.20 will stop the expected decline and push the price to achieve intraday gains that reach 105.20 before any new attempt to decline.

The expected trading range for today is between 103.00 support and 104.30 resistance

The expected general trend for today: Bearish.