Source: PaxForex Premium Analytics Portal, Technical Insight
Comments from the president of the Federal Reserve Bank of Boston on the outlook for 2021:
The Fed will continue to buy long-term assets until the economy recovers;
We are likely to see significant consumption growth in the second half of the year;
Strongly accommodative fiscal and monetary policies will create serious demand for risky assets in 2021;
Much needs to be done to make the financial infrastructure more resilient and to avoid future shocks like the one in March.
USD/JPY, 30 min
Pivot: 103.77
Analysis:
Provided that the currency pair is traded below 103.90, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 103,77
- Take Profit 1: 103.65
- Take Profit 2: 103.50
Alternative scenario:
In case of breakout of the level 103.90, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 103.90
- Take Profit 1: 104.00
- Take Profit 2: 104.15
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
Resistance | Support |
104.15 | 103.65 |
104.00 | 103.50 |
103.90 | 103.30 |
USD/JPY, D1
Pivot: 103.70
Analysis:
While the price is below 104.70, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 103.70
- Take Profit 1: 102.40
- Take Profit 2: 101.15
Alternative scenario:
If the level 104.70 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 104.70
- Take Profit 1: 105.50
- Take Profit 2: 106.50
Comment:
RSI shows a medium-term downtrend.
Key levels:
Resistance | Support |
106.50 | 102.40 |
105.50 | 101.15 |
104.70 | 100.00 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.2135 with 1.2180 and 1.2200 as Take Profit targets. Alternative scenario - if the level of 1.2135 is broken-down, you should consider selling with the targets 1.2120 and 1.2110 as Take Profit.
GBP/USD - long positions above 1.3660 with 1.3735 and 1.3750 targets as Take Profit. Alternative scenario - if the level of 1.3660 is broken-down, sell with the targets 1.3640 and 1.3620 as Take Profit.
USD/CHF - sell below 0.8890 with 0.8860 and 0.8850 targets as Take Profit. Alternative scenario - if the level 0.8890 is broken-out, buy with the TP 0.8905 and 0.8915.