USD/JPY drops of 6-week high, on early trading

US dollar fluctuated lower in a tight range during the Asian session to drop from its highest since March 5 against the Japanese Yen amid a lack of economic data of the Japanese economy this week, on the threshold of developments and economic data expected On Monday by the US economy, the world's largest economy.

At 05:45 GMT, the USD/JPY dropped 0.07% to 111.93 from the opening levels of 111.95 after the pair reached a low of 111.92 while it reached its highest in six weeks at 112.10.

Investors are looking forward to the visit of Japanese Economy Minister, Hiroshige Seko, later in the day to the United States for formal trade talks between Tokyo and Washington, which will continue until next Thursday, following the administration of President Donald Trump adoption of trade protectionism, which led many countries to enter into trade negotiations with Trump management to avoid the outbreak of a trade war.

Additionally, we would like to point out the Japanese government announced earlier this month a 10-day holiday from Saturday (27 April) to Monday (6 May) for Japan's celebrations of the new emperor there, which for crowning the Prince at the beginning of May, it's worth mentioning that this six-day holiday will be the longest in Japan's history.

Otherwise, markets are currently looking for the US economy to release its reading for the New York Manufacturing Index, which may reflect a widening to 8.1 vs. 3.7 in March, coinciding with a CNBC TV interview with FOMC member and Reserve Bank of Chicago President, Charles Evans, before he delivers a speech about the economy and monetary policy at the New York Association for Business Economics luncheon.