Source: PaxForex Premium Analytics Portal, Technical Insight
As stated by the President of the Federal Reserve Bank of Cleveland L. Meister:
Satisfied with the current course of monetary policy, considers it appropriate to the situation;
The economy will pick up in the second half of the year if most people are immunized by Q3;
Does not fear that if inflation picks up, the Fed may be too late to start tightening policy;
Strong structural pressures keep inflation low;
Additional financial support will likely be needed to help the economy through the current difficult period.
USD/JPY, 30 min
Pivot: 105.03
Analysis:
Provided that the currency pair is traded above 104.95, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 105.03
- Take Profit 1: 105.30
- Take Profit 2: 105.45
Alternative scenario:
In case of breakdown of the level 104.95, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 104.95
- Take Profit 1: 104.80
- Take Profit 2: 104.65
Comment:
Technically RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 105.70 | 104.95 |
| 105.45 | 104.80 |
| 105.30 | 104.65 |
USD/JPY, D1
Pivot: 105.07
Analysis:
While the price is above 103.30, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 105.07
- Take Profit 1: 105.50
- Take Profit 2: 106.45
Alternative scenario:
If the level 103.30 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 103.30
- Take Profit 1: 102.65
- Take Profit 2: 101.15
Comment:
RSI shows a medium-term uptrend.
Key levels:
| Resistance | Support |
| 107.50 | 103.30 |
| 106.45 | 102.55 |
| 105.50 | 101.15 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.2050 with 1.1980 and 1.1950 as Take Profit targets. Alternative scenario - if the level of 1.2050 is broken-out, you should consider buying with the targets 1.2065 and 1.2085 as Take Profit.
GBP/USD - short positions below 1.3645 with 1.3570 and 1.3555 targets as Take Profit. Alternative scenario - if the level of 1.3645 is broken-out, buy with the targets 1.3660 and 1.3680 as Take Profit.
USD/CHF - buy above 0.8980 with 0.9040 and 0.9070 targets as Take Profit. Alternative scenario - if the level 0.8980 is broken-down, sell with the TP 0.8965 and 0.8950.
