Source: PaxForex Premium Analytics Portal, Technical Insight
FOMC statement: bond purchases will continue until "substantial" progress on targets:
No change in the weighted average maturity of the portfolio;
Rates left unchanged at 0.00%-0.25%;
Seeking to use the full range of tools to support the U.S. economy;
Continue to buy $80 billion in Treasuries per month and $40 billion in MBS;
Continue to buy bonds "until substantial progress is made toward the Committee's maximum employment and price stability goals."
The dot chart for the end of 2023 remains at zero.
USD/JPY, 30 min
Pivot: 103.36
Analysis:
Provided that the currency pair is traded below 103.65, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 103.36
- Take Profit 1: 103.20
- Take Profit 2: 103.00
Alternative scenario:
In case of breakout of the level 103.65, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 103.65
- Take Profit 1: 103.90
- Take Profit 2: 104.15
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 104.15 | 103.20 |
| 103.90 | 103.00 |
| 103.65 | 102.80 |
USD/JPY, D1
Pivot: 103.37
Analysis:
While the price is below 105.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 103.37
- Take Profit 1: 103.10
- Take Profit 2: 102.45
Alternative scenario:
If the level 105.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 105.00
- Take Profit 1: 105.65
- Take Profit 2: 106.50
Comment:
RSI shows a medium-term downtrend.
Key levels:
| Resistance | Support |
| 106.50 | 102.40 |
| 105.65 | 101.15 |
| 105.00 | 100.50 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.2180 with 1.2255 and 1.2270 as Take Profit targets. Alternative scenario - if the level of 1.2180 is broken-down, you should consider selling with the targets 1.2165 and 1.2145 as Take Profit.
GBP/USD - long positions above 1.3490 with 1.3575 and 1.3600 targets as Take Profit. Alternative scenario - if the level of 1.3490 is broken-down, sell with the targets 1.3450 and 1.3430 as Take Profit.
USD/CHF - sell below 0.8865 with 0.8820 and 0.8800 targets as Take Profit. Alternative scenario - if the level 0.8865 is broken-out, buy with the TP 0.8890 and 0.8910.
