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:

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:

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.