Daily Technical Analysis

Updated: Aug 20, 2020

JPYUSD analysis 20.08.2020

The US dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness the resumption of its rebound from its high since July 23 for the fourth session in six sessions against the Japanese yen amid scarcity of economic data by the Japanese economy before the developments and the expected economic data today, Thursday, by the economy. The US is the largest economy in the world. At exactly 07:56 am GMT, the US dollar against the Japanese yen fell by 0.02% to 106.10 levels compared to the opening levels at 106.12 after the pair achieved its lowest level during the session's trading at 105.98, while it achieved its highest at 106.22. Investors are currently awaiting the American economy to see the release of the aid claims index reading for the past week on August 15th, which may reflect a decline of 33 thousand requests to 930 thousand applications compared to 963 thousand applications in the previous reading, and the reading of continuous aid requests for last week may also appear. On the eighth of this month, a decrease of 486 thousand applications to 15.0 million applications compared to 16,486 thousand applications in the previous reading. This comes in conjunction with the disclosure by the largest industrial country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect a contraction of the expansion to a value of 21.0 compared to 24.1 last July, before we witness the release of the leading indicators reading, which may It shows that the pace of growth has slowed to 1.0%, compared to 2.0% in June. Other than that, we have just followed up on the Fed’s disclosure of the minutes of the Federal Open Market Committee’s meeting held on July 28-29 in which monetary policy makers at the Fed addressed the fact that the current situation surrounding the Corona pandemic could “severely affect Economic activity, employment and inflation are in the near term and pose significant risks to the economic outlook in the medium term. " It is noteworthy that Federal Reserve Governor Jerome Powell stressed in the press conference held after the meeting at the time that the Fed was committed to using all its tools to support the recovery and reduce the negative repercussions of the Corona pandemic, and according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus increased to nearly 21.99 million and 775,893 died. People killed in 216 countries.

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