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USD/JPY has been quite slow with the bullish gains recently which lead the price to reside above the 110.50 area which is expected to push higher towards the 112.00 area in the future. Though USD has been quite strong after the recent rate hike and better economic reports, JPY has not been totally dominated in the process.
As of the recent Trade War and US President Donald Trump expecting another tax overhaul in October this year, the volatility in the USD based pairs are expected to be quite high in the coming days. Though USD has been quite strong with the recent momentum, but it failed to have impulsive effect over JPY. Today, JPY Tankan Manufacturing Index report was published with a decrease to 21 from the previous figure of 24 which was expected to be at 22, Tankan Non-Manufacturing Index showed an increase to 24 which was expected to be unchanged at 23 and Final Manufacturing PMI report showed a slight decrease to 53.0 which was expected to remain unchanged at 53.1.
On the other hand, ahead of the NFP, Average Hourly Earnings and Unemployment Rate reports to be published on Friday this week, USD is expected to maintain the bullish momentum by the end of the week. Though certain correction and weakness may occur due to dovish expectation for certain USD reports, but the market bias is currently on the USD side. Today, USD Final Manufacturing PMI report is going to be published which is expected to be unchanged at 54.6, ISM Manufacturing PMI is expected to decrease to 58.2 from the previous figure of 58.7, Construction Spending is expected to decrease to 0.5% from the previous value of 1.8% and ISM Manufacturing Prices is also expected to decrease to 74.3 from the previous figure of 79.5.
As of the current scenario, JPY is expected to gain certain momentum over USD in the short-term, but the overall market bias is still on the USD side. As it exists, USD is expected to gain further momentum over JPY, but with certain corrections following the pressure in the coming days.
Now let us look at the technical view. The price has rejected the bullish pressure it had today after the recent break above the 110.50 area which is expected to inject certain bearish bias in the market for the short or medium term. The price is residing above the dynamic levels of 20 EMA, Tenkan and Kijun line which are expected to keep the price pushing higher with target towards 112.00 in the future. As the price remains above the 108.50-109.20 area with a daily close, the bullish bias is expected to continue.
OVERALL MARKET BIAS : BULLISH
SUPPORT AREA : 108.50 to 109.20
RESISTANCE AREA : 112.00
POSSIBLE UPCOMING MOMENTUM : CERTAIN BEARISH PRESSURE BEFORE PUSHING HIGHER TOWARDS THE 112.00 AREA.
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