Source: PaxForex Premium Analytics Portal, Technical Insight
U.S.: unit labor costs rose 6% in the fourth quarter, up from a forecast of 6 6.7%:
- U.S. unit labor costs rose less than expected in Q4;
- U.S. dollar index holds for moderate daily gain above 91.10 after data release.
USD/JPY, 30 min
Pivot: 107.92
Analysis:
Provided that the currency pair is traded above 107.70, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 107.92
- Take Profit 1: 108.15
- Take Profit 2: 108.35
Alternative scenario:
In case of breakdown of the level 107.70, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 107.70
- Take Profit 1: 107.50
- Take Profit 2: 107.25
Comment:
Technically RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 110.50 | 104.90 |
| 109.80 | 104.40 |
| 108.85 | 103.30 |
USD/JPY, D1
Pivot: 107.00
Analysis:
While the price is above 104.90, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 107.00
- Take Profit 1: 108.85
- Take Profit 2: 109.80
Alternative scenario:
If the level 104.90 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 104.90
- Take Profit 1: 104.40
- Take Profit 2: 103.30
Comment:
RSI shows a medium-term uptrend.
Key levels:
| Resistance | Support |
| 108.70 | 107.70 |
| 108.50 | 107.50 |
| 108.35 | 107.25 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.2000 with 1.1900 and 1.1880 targets as Take Profit. Alternative scenario - if the level 1.2000 is broken-out, buy with the TP 1.2025 and 1.2050.
GBP/USD - short positions below 1.3920 with 1.3855 and 1.3830 targets as Take Profit. Alternative scenario - if the level of 1.3920 is broken-out, buy with the targets 1.3940 and 1.3965 as Take Profit.
USD/CHF - buy above 0.9245 with 0.9350 and 0.9380 as Take Profit targets. Alternative scenario - if the level of 0.9245 is broken-down, you should consider selling with the targets 0.9215 and 0.9190 as Take Profit.
