USD/JPY bounces off four-week high

The US dollar fell during the Asian session against the Japanese yen, to drop in the third session from its highest since March 15, amid a lack of economic data by the Japanese economy, and on the eve of developments and economic data expected Tuesday by the US economy, which includes speeches of the Federal Open Market Committee's members later today.

At 06:06 GMT, USD/JPY fell 0.13% to 111.34 compared with the opening levels at 111.48, after reaching a low of 111.28 and a high of 111.58.

Markets are currently looking for the US economy to release its reading for the Job Openings and Labor Turnover Survey (JOLTS), which could show a decline to 7.54 million versus 7.58 million in January, which comes after the release of US labor market data for March, which showed a stable unemployment rate at 3.8 % in line with expectations.

In the same context, we followed on Friday the US economy reading of the Non-Farm Employment Change Index, which showed an accelerated job creation to 196,000 jobs, compared with 33,000 jobs added in February, while the average hourly earnings reading showed slower growth at 0.1 Versus 0.4%, lower than expectations of 0.3%.

Additionally, investors are also looking forward to the speeches of the Federal Reserve and Federal Open Market Committee members, Randall Quarles and Richard Clarida, Quarles is scheduled to speak at the Policymakers Forum meeting hosted by George Mason University in Virginia, before Clarida deliver a speech titled "The Federal Reserve's Review of Its Monetary Policy Strategy, Tools, and Communication Practices" at the Federal Reserve Bank of Minneapolis Spring Institute Conference

which comes hours before the reveal of the Federal Committee March 19-20 meeting minutes on Wednesday, in which it was agreed to keep interest rates between 2.25% and 2.50%, with gradual reduction of the bond buyback until September, amid lowering their forecasts for growth, while rising their unemployment expectations, as well as trimming their expectations for an interest rate hike in the current year, while expectations for a one-time increase next year were kept up.