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:

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:

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.