Source: PaxForex Premium Analytics Portal, Technical Insight

The Japanese government is exploring additional ways to ease restrictions on entry due to coronavirus. It was reported by the newspaper Nikkei on October 8. It is assumed that now there will be more opportunities for local residents and foreign nationals permanently residing in the country to travel abroad for work. In the case of such a decision, after returning from business trips, they may be released from the mandatory two-week regime of self-isolation.

USD/JPY, 30 min

Pivot: 105.95

Analysis:

Provided that the currency pair is traded above 105.80, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 105.95
• Take Profit 1: 106.10
• Take Profit 2: 106.30

Alternative scenario: 

In case of breakdown of the level 105.80, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 105.80
• Take Profit 1: 105.70
• Take Profit 2: 105.55

Comment:

Technically RSI shows the possibility of an uptrend during the day. 

Key levels:

USD/JPY, D1

Pivot: 106.02

Analysis:

While the price is below 106.90, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 106.02
• Take Profit 1: 104.00
• Take Profit 2: 102.40

Alternative scenario:

If the level 106.90 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 106.90
• Take Profit 1: 108.15
• Take Profit 2: 109.65

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 – buy above 1.1755 with 1.1805 and 1.1825 as Take Profit targets. Alternative scenario - if the level of 1.1755 is broken-down, you should consider selling with the targets 1.1740 and 1.1725 as Take Profit.
GBP/USD - long positions above 1.2900 with 1.2950 and 1.2980 targets as Take Profit. Alternative scenario - if the level of 1.2900 is broken-down, sell with the targets 1.2870 and 1.2845 as Take Profit.
USD/CHF - sell below 0.9185 with 0.9140 and 0.9125 targets as Take Profit. Alternative scenario - if the level 0.9185 is broken-out, buy with the TP 0.9200 and 0.9215.