Source: PaxForex Premium Analytics Portal, Technical Insight

The New York City FRSB lowered its forecast for US GDP:

• FRSE of New York: current GDP forecast for the USA for the 3rd quarter is downgraded by 0.3% to +13.8%;

• GDP forecast for Q4 decreased by 1.2% to +3.6%;

• The main driver of the revised estimates were unpleasant surprises from the data on industrial production and capacity utilization published last week.

USD/JPY, 30 min

Pivot: 105.42

Analysis:

Provided that the currency pair is traded above 105.25, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 105.42
• Take Profit 1: 105.60
• Take Profit 2: 105.80

Alternative scenario: 

In case of breakdown of the level 105.25, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 105.25
• Take Profit 1: 105.15
• Take Profit 2: 105.00

Comment:

Technically RSI shows the possibility of an uptrend during the day. 

Key levels

USD/JPY, D1

Pivot: 105.31

Analysis:

While the price is below 106.15, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 105.31
• Take Profit 1: 104.85
• Take Profit 2: 104.00

Alternative scenario:

If the level 106.15 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 106.15
• Take Profit 1: 106.90
• Take Profit 2: 107.60

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 – sell below 1.1730 with 1.1670 and 1.1660 as Take Profit targets. Alternative scenario - if the level of 11.1730 is broken-out, you should consider buying with the targets 1.1745 and 1.1765 as Take Profit.
GBP/USD - long positions above 1.2895 with 1.2960 and 1.2990 targets as Take Profit. Alternative scenario - if the level of 1.2895 is broken-down, sell with the targets 1.2860 and 1.2840 as Take Profit.
USD/CHF - buy above 0.9135 with 0.9175 and 0.9185 targets as Take Profit. Alternative scenario - if the level 0.9135 is broken-down, sell with the TP 0.9210 and 0.9110.