USD/JPY | US Dollar to Japanese Yen Trading Analysis
USD/JPY | US Dollar to Japanese Yen Trading Analysis
According to the comments of the rating agency experts, Moody's Investors Service:
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Coronavirus is the biggest shock for Japan since the world financial crisis;
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In 2020, Japan's GDP may decline by 6.5%;
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In 2021, a 2.7% recovery is projected.
USD/JPY, 30 min
Pivot: 107.65
Analysis:
Provided that the currency pair is traded above 107.50, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 107.65
- Take Profit 1: 107.90
- Take Profit 2: 108.10
Alternative scenario:
In case of breakdown of the level 107.50, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 107.50
- Take Profit 1: 107.35
- Take Profit 2: 107.15
Comment:
Technically RSI shows the possibility of an upward trend during the day.
Key levels:
Resistance | Support |
108.30 | 107.50 |
108.10 | 107.35 |
107.90 | 107.15 |
USD/JPY, D1
Pivot: 107.69
Analysis:
While the price is below 109.35, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 107.69
- Take Profit 1: 106.00
- Take Profit 2: 105.15
Alternative scenario:
If the level 109.35 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 109.35
- Take Profit 1: 111.20
- Take Profit 2: 112.20
Comment:
RSI shows a medium-term downtrend.
Key levels:
Resistance | Support |
112.20 | 105.15 |
111.20 | 103.10 |
109.35 | 101.20 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
EUR/USD – buy above 1.1110 with 1.1140 and 1.1155 as Take Profit targets. Alternative scenario - if the level of 1.1110 is broken-down, you should consider selling with the targets 1.1100 and 1.1080 as Take Profit.
GBP/USD - long positions above 1.2465 with 1.2170 and 1.2130 targets as Take Profit. Alternative scenario - if the level of 1.2465 is broken-down, sell with the targets 1.2430 and 1.2400 as Take Profit.
USD/CAD - sell below 1.3600 with 1.3500 and 1.3460 targets as Take Profit. Alternative scenario - if the level 1.3600 is broken-out, buy with the TP 1.3635 and 1.3670.