Source: PaxForex Premium Analytics Portal, Technical Insight
Bank of Japan (BOJ) spokesman Haruhiko Kuroda said that the central bank could achieve the 2% inflation target by patiently continuing strong monetary policy easing, speaking at a press conference after the monetary policy meeting.
USD/JPY, 30 min
Pivot: 109.34
Analysis:
Provided that the currency pair is traded below 109.45, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 109.34
- Take Profit 1: 109.15
- Take Profit 2: 109.00
Alternative scenario:
In case of breakout of the level 109.45, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 109.45
- Take Profit 1: 109.55
- Take Profit 2: 109.70
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 109.70 | 109.15 |
| 109.55 | 109.00 |
| 109.45 | 108.85 |
USD/JPY, D1
Pivot: 109.30
Analysis:
While the price is below 109.70, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 109.30
- Take Profit 1: 107.00
- Take Profit 2: 105.80
Alternative scenario:
If the level 109.70 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 109.70
- Take Profit 1: 111.00
- Take Profit 2: 112.20
Comment:
RSI shows a medium-term downtrend.
Key levels:
| Resistance | Support |
| 112.20 | 107.00 |
| 111.00 | 105.80 |
| 109.70 | 104.90 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.2020 with 1.1970 and 1.1955 targets as Take Profit. Alternative scenario - if the level 1.2020 is broken-out, buy with the TP 1.2035 and 1.2050.
GBP/USD - short positions below 1.3915 with 1.3860 and 1.3835 targets as Take Profit. Alternative scenario - if the level of 1.3915 is broken-out, buy with the targets 1.3930 and 1.3950 as Take Profit.
USD/CHF - buy above 0.9125 with 0.9165 and 0.9180 as Take Profit targets. Alternative scenario - if the level of 0.9125 is broken-down, you should consider selling with the targets 0.9115 and 0.9105 as Take Profit.
