Source: PaxForex Premium Analytics Portal, Technical Insight
Head of the Bank of Japan Kuroda said that the Central Bank will continue to support the economy in tandem with the government:
COVID-19 will not stop globalization;
Protectionism after the COVID-19 pandemic carries great risks for all economies;
Supply chains will only become more diversified and more resilient after COVID-19;
Regional financial cooperation will be very important in the coming years, it will be good protection against a future crisis.
USD/JPY, 30 min
Pivot: 104.30
Analysis:
Provided that the currency pair is traded below 104.50 follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 104.30
- Take Profit 1: 104.00
- Take Profit 2: 103.80
Alternative scenario:
In case of breakout of the level 104.50, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 104.50
- Take Profit 1: 104.85
- Take Profit 2: 104.85
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
Resistance | Support |
104.85 | 104.00 |
104.65 | 103.80 |
104.50 | 103.60 |
USD/JPY, D1
Pivot: 104.46
Analysis:
While the price is below 106.90, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 104.46
- Take Profit 1: 102.40
- Take Profit 2: 101.15
Alternative scenario:
If the level 106.90 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 106.90
- Take Profit 1: 108.15
- Take Profit 2: 109.65
Comment:
RSI shows a medium-term downtrend.
Key levels:
Resistance | Support |
109.65 | 102.40 |
108.15 | 101.15 |
106.90 | 100.00 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.1840 with 1.1880 and 1.1900 as Take Profit targets. Alternative scenario - if the level of 1.1840 is broken-down, you should consider selling with the targets 1.1825 and 1.1810 as Take Profit.
GBP/USD - long positions above 1.2925 with 1.2975 and 1.3000 targets as Take Profit. Alternative scenario - if the level of 1.2925 is broken-down, sell with the targets 1.2910 and 1.2890 as Take Profit.
USD/CHF - sell below 0.9115 with 0.9070 and 0.9050 targets as Take Profit. Alternative scenario - if the level 0.9115 is broken-out, buy with the TP 0.9130 and 0.9140.