USD/JPY | US Dollar to Japanese Yen Trading Analysis
USD/JPY | US Dollar to Japanese Yen Trading Analysis
Source: PaxForex Premium Analytics Portal, Technical Insight
Japan's stock market declined after the close of trading on Friday due to a drop in stocks in sectors such as paper and pulp production, rail transportation, and real estate. At the close of the stock exchange in Tokyo, the Nikkei 225 index fell by 0.74%.
USD/JPY, 30 min
Pivot: 107.03
Analysis:
Provided that the currency pair is traded below 107.55, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 107.03
- Take Profit 1: 106.85
- Take Profit 2: 106.55
Alternative scenario:
In case of breakout of the level 107.55, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 107.55
- Take Profit 1: 107.85
- Take Profit 2: 108.20
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 108.20 | 106.85 |
| 107.85 | 106.55 |
| 107.55 | 106.35 |
USD/JPY, D1
Pivot: 107.32
Analysis:
While the price is below 109.65, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 107.32
- Take Profit 1: 106.00
- Take Profit 2: 104.50
Alternative scenario:
If the level 109.65 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 109.65
- Take Profit 1: 111.20
- Take Profit 2: 112.20
Comment:
RSI shows a medium-term downtrend.
Key levels:
| Resistance | Support |
| 112.20 | 106.00 |
| 111.20 | 104.50 |
| 109.65 | 102.40 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
EUR/USD – sell below 1.1275 with 1.1230 and 1.1210 as Take Profit targets. Alternative scenario - if the level of 1.1275 is broken-out, you should consider buying with the targets 1.1300 and 1.1330 as Take Profit.
GBP/USD - short positions below 1.2550 with 1.2470 and 1.2440 targets as Take Profit. Alternative scenario - if the level of 1.2550 is broken-out, buy with the targets 1.2600 and 1.2650 as Take Profit.
USD/CAD - buy above 1.3575 with 1.3665 and 1.3700 targets as Take Profit. Alternative scenario - if the level 1.3575 is broken-down, sell with the TP 1.3520 and 1.3475.