Source: PaxForex Premium Analytics Portal, Technical Insight
Japanese Prime-Minister Y. Suga said that authorities are closely monitoring the situation on the currency market. That statement came out quite unexpectedly given the relatively calm yen's intraday dynamics. As a rule, such comments are made by the authorities only when the yen is strengthening sharply. As was reported in December, Suga gave orders to the Ministry of Finance not to let the pair fall below 100.
USD/JPY, 30 min
Pivot: 105.03
Analysis:
Provided that the currency pair is traded above 104.85, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 105.03
- Take Profit 1: 105.30
- Take Profit 2: 105.45
Alternative scenario:
In case of breakdown of the level 104.85, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 104.85
- Take Profit 1: 104.70
- Take Profit 2: 104.60
Comment:
Technically RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 105.70 | 104.85 |
| 105.45 | 104.70 |
| 105.30 | 104.60 |
USD/JPY, D1
Pivot: 105.02
Analysis:
While the price is above 103.90, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 105.02
- Take Profit 1: 105.75
- Take Profit 2: 106.45
Alternative scenario:
If the level 103.90 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 103.90
- Take Profit 1: 103.30
- Take Profit 2: 102.55
Comment:
RSI shows a medium-term uptrend.
Key levels:
| Resistance | Support |
| 107.50 | 103.90 |
| 106.45 | 103.30 |
| 105.75 | 102.55 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.2115 with 1.2165 and 1.2180 targets as Take Profit. Alternative scenario - if the level 1.2115 is broken-down, sell with the TP 1.2100 and 1.2080.
GBP/USD - long positions above 1.3865 with 1.3950 and 1.3970 targets as Take Profit. Alternative scenario - if the level of 1.3865 is broken-down, sell with the targets 1.3840 and 1.3820 as Take Profit.
USD/CHF - sell below 0.8925 with 0.8885 and 0.8870 as Take Profit targets. Alternative scenario - if the level of 0.8925 is broken-out, you should consider buying with the targets 0.8935 and 0.8945 as Take Profit.
