Source: PaxForex Premium Analytics Portal, Technical Insight

The Bank of Japan (BoJ) may clarify its willingness to ramp up ETF purchases when markets get volatile as part of its March review of monetary policy instruments, Reuters reported Thursday, citing three sources familiar with the matter. "There was an idea at the Bank of Japan to remove some quantitative easing guidance on ETF purchases at the March review," the sources added.

USD/JPY, 30 min

Pivot: 105.48

Analysis:

Provided that the currency pair is traded above 105.20, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 105.48
• Take Profit 1: 105.85
• Take Profit 2: 106.00

Alternative scenario: 

In case of breakdown of the level 105.20, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 105.20
• Take Profit 1: 105.05
• Take Profit 2: 104.90

Comment:

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

Key levels:

USD/JPY, D1

Pivot: 105.53

Analysis:

While the price is above 104.40, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 105.53
• Take Profit 1: 106.25
• Take Profit 2: 107.00

Alternative scenario:

If the level 104.40 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 104.40
• Take Profit 1: 103.30
• Take Profit 2: 102.55

Comment:

RSI shows a medium-term uptrend.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD – buy above 1.2140 with 1.2200 and 1.2220 targets as Take Profit. Alternative scenario - if the level 1.2140 is broken-down, sell with the TP 1.2125 and 1.2105.
GBP/USD - long positions above 1.4100 with 1.4200 and 1.4240 targets as Take Profit. Alternative scenario - if the level of 1.4100 is broken-down, sell with the targets 1.4055 and 1.4015 as Take Profit.
USD/CHF - buy above 0.9100 with 0.8885 and 0.9120 as Take Profit targets. Alternative scenario - if the level of 0.9035 is broken-down, you should consider selling with the targets 0.9015 and 0.8990 as Take Profit.