Source: PaxForex Premium Analytics Portal, Technical Insight
The currency pair Dollar Yen is trading at 107.73 and keeps moving within the growth frame. USD/JPY is moving above the upper boundary of Ichimoku Kinko Hyo Cloud. This indicates that there is a bullish trend in the USD/JPY.
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: 108.15
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: 107.30
- Take Profit 2: 107.00
Comment:
Support 107.50 has been formed, which allowed temporary stabilization.
Key levels:
Resistance | Support |
108.40 | 107.50 |
108.15 | 107.30 |
107.90 | 107.00 |
USD/JPY, D1
Pivot: 107.19
Analysis:
While the price is below 108.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 107.19
- Take Profit 1: 106.00
- Take Profit 2: 104.50
Alternative scenario:
If the level 108.00 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 108.00
- Take Profit 1: 109.65
- Take Profit 2: 111.20
Comment:
As long as the resistance of 108.00 is not broken through, the risk of breakout below 106.00 remains high.
Key levels:
Resistance | Support |
111.20 | 106.00 |
109.65 | 104.50 |
108.00 | 102.40 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
EUR/USD – buy above 1.1210 with 1.1240 and 1.1250 as Take Profit targets. Alternative scenario - if the level of 1.1210 is broken-down, you should consider selling with the targets 1.1190 and 1.1165 as Take Profit.
GBP/USD - long positions above 1.2345 with 1.2400 and 1.2415 targets as Take Profit. Alternative scenario - if the level of 1.2345 is broken-down, sell with the targets 1.2330 and 1.2310 as Take Profit.
USD/CAD - sell below 1.3595 with 1.3555 and 1.3530 targets as Take Profit. Alternative scenario - if the level 1.3595 is broken-out, buy with the TP 1.3615 and 1.3640.