Currency: USD JPY
Target Date: 29/7/2019 – 02/08/2019
Technical Analysis:
The USD/JPY pair has held above the 61.8% retracement of its July’s decline and its previous weekly highs in the 108.30/40 price zone, the immediate support. The top of the range just shy of 109.00 is the first possible bullish target should US data surprise to the upside. In the 4 hours chart, technical indicators remain flat at around their weekly highs and at overbought readings. The same chart shows that the pair remains above its moving averages, still confined to a tight range, although with the 20 SMA advancing beyond the larger moving averages, somehow leaning the scale to the upside.
Support levels: 108.40 108.00 107.65
Resistance levels: 109.00 109.35 109.80
Our Sentiment: Buy Till 109 ( Until the support is broken at 107.5)
The Big Picture:
The JPY is 27% Overvalued and will be affected with the below news:
News affecting USD: ( USD Gaining strength)
Tuesday 30/7 – CB Consumer Confidence (July) – Expected to increase (124 vs 121)
Tuesday 30/7 – Pending Home sales – Expected to decrease (0.5% vs 1.1%)
Wednesday 31/7 - ADP Non Farm Employemt – Expected to increase (-0.429M)
Wednesday 31/7 - Fed Interest Rate Decision – Expected to decrease (2.25% vs 2.5%)
Thursday 01/8 – ISM Manufacturing PMI – Expected to increase (52 vs 51.7)
Friday 02/08 – Nonfarm Payrolls (July) – Expected to decrease (165k vs 224K)
Friday 02/08 – Unemployment rate (July) – Expected to decrease (3.6% vs 3.7%)
Target Date: 29/7/2019 – 02/08/2019
Technical Analysis:
The USD/JPY pair has held above the 61.8% retracement of its July’s decline and its previous weekly highs in the 108.30/40 price zone, the immediate support. The top of the range just shy of 109.00 is the first possible bullish target should US data surprise to the upside. In the 4 hours chart, technical indicators remain flat at around their weekly highs and at overbought readings. The same chart shows that the pair remains above its moving averages, still confined to a tight range, although with the 20 SMA advancing beyond the larger moving averages, somehow leaning the scale to the upside.
Support levels: 108.40 108.00 107.65
Resistance levels: 109.00 109.35 109.80
Our Sentiment: Buy Till 109 ( Until the support is broken at 107.5)
The Big Picture:
The JPY is 27% Overvalued and will be affected with the below news:
News affecting USD: ( USD Gaining strength)
Tuesday 30/7 – CB Consumer Confidence (July) – Expected to increase (124 vs 121)
Tuesday 30/7 – Pending Home sales – Expected to decrease (0.5% vs 1.1%)
Wednesday 31/7 - ADP Non Farm Employemt – Expected to increase (-0.429M)
Wednesday 31/7 - Fed Interest Rate Decision – Expected to decrease (2.25% vs 2.5%)
Thursday 01/8 – ISM Manufacturing PMI – Expected to increase (52 vs 51.7)
Friday 02/08 – Nonfarm Payrolls (July) – Expected to decrease (165k vs 224K)
Friday 02/08 – Unemployment rate (July) – Expected to decrease (3.6% vs 3.7%)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.