USD/JPY forecast for April 3, 2020 suggests an attempt to test the resistance level near the area 109.35. Where to expect the upward trend to continue with a potential target near 112.25. The pair's downfall option will be canceled by a strong downfall and a break-down of 107.00.
USD/JPY, 30 min
Pivot: 107.80
Analysis:
Provided that the currency pair is traded above 107.70, follow the recommendations below:
The timeframe: 30 min
Recommendation: long position
Entry point: 107.80
Take Profit 1: 108.25
Take Profit 2: 108.50
Alternative scenario:
In case of breakdown of the level 107.70, follow the recommendations below:
The timeframe: 30 min
Recommendation: short position
Entry point: 107.70
Take Profit 1: 107.40
Take Profit 2: 107.00
Comment:
The formed support 107.70 allowed the currency pair to stabilize temporarily.
Key levels:
Resistance
Support
108.70
107.70
108.50
107.40
108.25
107.00
USD/JPY, D1
Pivot: 107.58
Analysis:
While the price is above 107.00, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 107.58
Take Profit 1: 110.20
Take Profit 2: 112.25
Alternative scenario:
If the level 107.00 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: short position
Entry point: 107.00
Take Profit 1: 104.70
Take Profit 2: 102.40
Comment:
RSI shows an upward momentum.
Key levels:
Resistance
Support
114.00
107.00
112.25
104.70
110.20
102.40
We also advise you to pay attention to the following currency pairs for intra-day trading:
GBP/USD – sell below 1.2410 with 1.2360 and 1.2330 as Take Profit targets. Alternative scenario - if the level of 1.2410 is broken-out, you should consider buying with the targets 1.2440 and 1.2475 as Take Profit. EUR/JPY - short positions below 117.64 with 116.24 and 115.85 targets as Take Profit. Alternative scenario - if the level of 118.07 is broken-out, buy with the targets 118.29 and 118.68 as Take Profit. EUR/GBP - buy above 0.8716 with 0.8837 and 0.8872 targets as Take Profit. Alternative scenario - if the level 0.8716 is broken-down, sell with the TP 0.8657 and 0.8622.
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