According to our analysis published on 28th July; we brought some bearish indications for King dollar that might downplay US dollar versus Japanese Yen on a short term because of Jerome Powells dovish comments and long awaited hike in interest rates that wouldnt be welcomed until late 2022 or as early as 2023. For the upcoming week we have some major fundamendal events and one of them is Non farm payrolls, most retail traders look forward to the release of highly anticipated figures that provides insight into the instignated stimulus to the market. As we know NFP has a huge impact over most of the currency pairs and some major commodities like gold also on the parallel side of the universe - reacts to the release of NFP. This week we have a high expectations of dollar to gain its strength and break above 111.0 price action, average hourly earnings and employment claims would be the game changers. ADP Non farm employment change due this wednesday will provide us with some hints regarding the main event on friday. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

US Dollar versus Japanese Yen has yet not broken out of our structure and has attained minor degree of bullish 5 wave pattern followed by a smaller correction. Still the pair has managed to stay way above our major weekly support at 109.50, 109.30 and 109.0 - aligning this with MACD, we can observe that its gaining some bullish momentum and would lift dollar on the technical note. We will be anticipating this week bullish move more based on fundamentals and keep a note that the week we have FOMC, more chances are awaited of a decisive move in the market before the major event so avoid entries if volatility breaks the structure, it might be just a stoploss hunt by the market makers. Execute your positions according to the entry and SL we have mentioned and manage them only after a fractal confirmation at either end. 

USDJPY H4

Jul 31 2021