Source: PaxForex Premium Analytics Portal, Technical Insight

The Bank of Japan published the minutes of the December 17-18 monetary policy meeting. The only notable thing in it was that some Central Bank members pointed out a moderate weakening of the US dollar against the yen and urged to keep a close eye on the movements in the markets, including the foreign exchange market.
The Central Bank should not hesitate to soften policy if pandemic developments warranted it:

• Some members believe the Bank should analyze the effects of its policy to assess its ability to meet its inflation target;

• The majority believes that the evaluation of measures taken by the regulator should be based on the assumption that the current political course will continue.

USD/JPY, 30 min

Pivot: 103.72

Analysis:

Provided that the currency pair is traded below 103.90, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 103.72
• Take Profit 1: 103.60
• Take Profit 2: 103.45

Alternative scenario: 

In case of breakout of the level 103.90, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 103.90
• Take Profit 1: 104.05
• Take Profit 2: 104.20

Comment:

Technically RSI shows the possibility of a downtrend during the day. 

Key levels:

USD/JPY, D1

Pivot: 103.80

Analysis:

While the price is below 104.35, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 103.80
• Take Profit 1: 103.10
• Take Profit 2: 102.55

Alternative scenario:

If the level 104.35 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 104.35
• Take Profit 1: 105.00
• Take Profit 2: 105.65

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 – sell below 1.2155 with 1.2115 and 1.2100 as Take Profit targets. Alternative scenario - if the level of 1.2155 is broken-out, you should consider buying with the targets 1.2170 and 1.2185 as Take Profit.
GBP/USD - short positions below 1.3685 with 1.3630 and 1.3610 targets as Take Profit. Alternative scenario - if the level of 1.3685 is broken-out, buy with the targets 1.3700 and 1.3720 as Take Profit.
USD/CHF - buy above 0.8865 with 0.8910 and 0.8920 targets as Take Profit. Alternative scenario - if the level 0.8865 is broken-down, sell with the TP 0.8840 and 0.8825.