Source: PaxForex Premium Analytics Portal, Fundamental Insight

Japan plans to discuss the easing of restrictions on the entry of foreign citizens with 10 countries, including China, South Korea and Taiwan. This was reported on Friday by the news agency Kyodo. Earlier today, Reuters wrote that Japanese Prime Minister S. Abe and his Australian counterpart S. Morrison held an online meeting and agreed to expedite preparations for the resumption of business travel between the countries.

USD/JPY, 30 min

Pivot: 106.94

Analysis:

Provided that the currency pair is traded below 107.10, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 106.94
• Take Profit 1: 106.75
• Take Profit 2: 106.55

Alternative scenario: 

In case of breakout of the level 107.10, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 107.10
• Take Profit 1: 107.25
• Take Profit 2: 107.35

Comment:

RSI shows a bearish sentiment during the day.

Key levels

USD/JPY, D1

Pivot: 107.47

Analysis:

While the price is below 108.20, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 107.47
• Take Profit 1: 106.00
• Take Profit 2: 104.50

Alternative scenario:

If the level 108.20 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 108.20
• Take Profit 1: 109.65
• Take Profit 2: 111.20

Comment:

As long as the resistance of 108.20 is not broken through, the risk of breakout below 106.00 remains high.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

EUR/USD – sell below 1.1290 with 1.1255 and 1.1235 as Take Profit targets. Alternative scenario - if the level of 1.1290 is broken-out, you should consider buying with the targets 1.1315 and 1.1335 as Take Profit.
GBP/USD - short positions below 1.2605 with 1.2560 and 1.2540 targets as Take Profit. Alternative scenario - if the level of 1.2605 is broken-out, buy with the targets 1.2650 and 1.2670 as Take Profit.
USD/CAD - buy above 1.3575 with 1.3625 and 1.3650 targets as Take Profit. Alternative scenario - if the level 1.3575 is broken-down, sell with the TP 1.3545 and 1.3520.