Source: PaxForex Premium Analytics Portal, Technical Insight
Head of Bank of Japan Kuroda: risks to the economy and inflation remain downward:
- Japan's economy is in a tough situation, but is recovering;
- The Japanese economy will continue to stabilize;
- Prices will rise as the economy recovers;
- We will continue to pursue a soft policy in order to get inflation to the 2% target.
USD/JPY, 30 min
Pivot: 108.87
Analysis:
Provided that the currency pair is traded above 108.60, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 108.87
- Take Profit 1: 109.10
- Take Profit 2: 109.25
Alternative scenario:
In case of breakdown of the level 108.60, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 108.60
- Take Profit 1: 108.45
- Take Profit 2: 108.30
Comment:
Technically RSI shows the possibility of an uptrend during the day.
Key levels:
Resistance | Support |
109.45 | 108.60 |
109.25 | 108.45 |
109.10 | 108.30 |
USD/JPY, D1
Pivot: 109.02
Analysis:
While the price is above 108.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 109.02
- Take Profit 1: 111.35
- Take Profit 2: 112.20
Alternative scenario:
If the level 108.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 108.00
- Take Profit 1: 107.00
- Take Profit 2: 106.10
Comment:
RSI shows a medium-term uptrend.
Key levels:
Resistance | Support |
113.30 | 108.00 |
112.20 | 107.00 |
111.00 | 106.10 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.1975 with 1.1920 and 1.1900 targets as Take Profit. Alternative scenario - if the level 1.1975 is broken-out, buy with the TP 1.1990 and 1.1975.
GBP/USD - short positions below 1.3785 with 1.3725 and 1.3710 targets as Take Profit. Alternative scenario - if the level of 1.3785 is broken-out, buy with the targets 1.3810 and 1.3830 as Take Profit.
USD/CHF - buy above 0.9210 with 0.9245 and 0.9260 as Take Profit targets. Alternative scenario - if the level of 0.9210 is broken-down, you should consider selling with the targets 0.9195 and 0.9180 as Take Profit.