USD/JPY heads to second weekly gains, on week's last session

US dollar fluctuated in a narrow bullish range against the Japanese yen during the Asian session to rebound on the eighth session of ten from its lowest since February 8th, following Japanese developments and economic data, on the threshold of developments and Economic data on Friday by the US economy, the world's largest economy.

At 0614 GMT, the USD/JPY rose 0.04% to 111.70 compared to the opening levels at 111.62, after reaching the highest level since March 15th at 111.80, with a low at 111.60.

We have followed the Japanese economy release of the annual reading of the Average Cash Earnings, which showed an acceleration of the decline to 0.8% compared to 0.6% in the annual reading for January, beating expectations of a rise by 0.9%, in conjunction with the release of the annual Household Spending reading, Which showed a slowdown in growth to 1.7% versus 2.0% in January, lower than expectations of 1.9%

On the other hand, Investors are currently looking for the US economy to release labour market data, which may reflect a stable 3.8% unemployment rate, unchanged from last February's reading, amid expectations that the Non-Farm Employment Change reading will show an accelerating pace of job creation by 172,000 jobs, from 20,000 jobs in February.

This comes in line with the average hourly earnings reading, which may indicate a slowing in growth rates to 0.4% vs. 0.3% in February, ahead of the US Consumer Credit Index for February which may show $17.2 billion from $17.0 billion in January.