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:

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:

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.