USD JPY Target Date: 29/7/2019 – 02/08/2019 ( Long Tp 109-109.2)

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%)