FUNDAMENTAL OVERVIEW USD:The US dollar weakened across the board on Friday following a softer than expected NFP report, with the headline showing negative payroll growth and average hourly earnings missing forecasts by a notable margin.The data triggered a dovish repricing in interest rate expectations, with the probability of a September rate hike falling to 38%, compared with 54% before the release. Market pricing has normalised since then, with the probability of a September hike rising back to 48%.The reason for this whipsaw in expectations is that there was a significant loss of government jobs, which made the report look much softer than it actually was. The unemployment rate painted a different picture, falling further to 4.1%. Overall, the labour market remains on a better trajectory than it has been over the past three years.The next major event will be the US CPI report on Wednesday. The data will be critical for the September FOMC decision and the Jackson Hole Symposium. A hot report will likely trigger a rally in the US dollar, with traders increasing rate hike bets. A soft report, on the other hand, should reduce further the risk of Fed tightening and put more pressure on the greenbackJPY:On the JPY side, not much has changed after the intervention. The only notable development was US Treasury Secretary Bessent’s remarks to CNBC potentially hinting to a faster BoJ tightening pace. In fact, he stated that "it will require policy to follow up on the intervention" and added that the "US would not have joined if it was not optimistic about Japan policies”. Japan’s currency diplomat Mimura stated that he had a shared understanding with the BoJ following the intervention, which might be another hint to faster rate hikes. Overall, without a change in the fundamentals, the interventions will continue to be just clearing events to rebuild positions at better levels. The trend is unlikely to change without a dovish repricing in Fed interest rate expectations or a faster BoJ tightening pace. USDJPY TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that USDJPYis slowly recovering ground after the intervention, with the first major target being the resistance zone around the 160.50 level. If the price gets there, we can expect the sellers to step in with a defined risk above the resistance to position for a drop back into the 155.00 handle. The buyers, on the other hand, will look for a break to increase the bullish bets into new cycle highs.USDJPY TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we now have an upward trendline defining the bullish momentum. If we were to get a pullback into it, we can expect the buyers to lean on the trendline with a defined risk below it to keep pushing into new highs. The sellers, on the other hand, will look for a break to pile in for a drop into the 155.00 handle next. USDJPY TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we can see the price is breaking above the minor 158.50 resistance. We can expect the buyers to increase the bullish bets around these levels with a defined risk below the resistance to keep pushing into the 160.50 level. The sellers, on the other hand, will want to see the price falling back below the resistance to target a pullback into the trendline. The red lines define the average daily range for today. UPCOMING CATALYSTSOn Wednesday, we have the US CPI report. On Thursday, we get the US PPI data and the latest US Jobless Claims figures. On Friday, we conclude the week with the US Retail Sales and the University of Michigan Consumer Sentiment report. This article was written by Giuseppe Dellamotta at investinglive.com.