Source: PaxForex Premium Analytics Portal, Technical Insight
In Japan over the past 24 hours, 980 cases of coronavirus infection of a new type were identified, reports the agency Kyodo. It is reported that on the territory of the country for the second consecutive day recorded a record increase in the number of infected since the beginning of the pandemic. A total of 28,900 cases of SARS-CoV-2 infection were confirmed in Japan, including passengers of the Diamond Princess cruise liner quarantined at Yokohama port.
USD/JPY, 30 min
Pivot: 106.43
Analysis:
Provided that the currency pair is traded below 106.70, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 106.43
- Take Profit 1: 106.20
- Take Profit 2: 106.00
Alternative scenario:
In case of breakout of the level 106.70, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 106.70
- Take Profit 1: 106.85
- Take Profit 2: 107.00
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 107.00 | 106.20 |
| 106.85 | 106.00 |
| 106.70 | 105.85 |
USD/JPY, D1
Pivot: 107.00
Analysis:
While the price is below 108.20, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 107.00
- Take Profit 1: 106.00
- Take Profit 2: 104.50
Alternative scenario:
If the level 108.20 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 108.20
- Take Profit 1: 109.65
- Take Profit 2: 111.20
Comment:
RSI shows a medium-term downtrend.
Key levels:
| Resistance | Support |
| 111.20 | 106.00 |
| 109.65 | 104.50 |
| 108.20 | 102.40 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
EUR/USD – buy above 1.1580 with 1.1630 and 1.1645 as Take Profit targets. Alternative scenario - if the level of 1.1580 is broken-down, you should consider selling with the targets 1.1560 and 1.1540 as Take Profit.
GBP/USD - long positions above 1.2720 with 1.2775 and 1.2800 targets as Take Profit. Alternative scenario - if the level of 1.2720 is broken-down, sell with the targets 1.2695 and 1.2670 as Take Profit.
USD/CAD - buy above 1.3370 with 1.3455 and 1.3480 targets as Take Profit. Alternative scenario - if the level 1.3370 is broken-down, sell with the TP 1.3345 and 1.3320.
