Source: PaxForex Premium Analytics Portal, Technical Insight
Bank of Japan (BOJ) Governor Haruhiko Kuroda said that each recession has different characteristics, and noted that the difference in the severity of the recession between sectors, types of businesses, and professions this time was significant, writes Reuters.
USD/JPY, 30 min
Pivot: 108.79
Analysis:
Provided that the currency pair is traded below 108.85, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point:108.79
- Take Profit 1: 108.65
- Take Profit 2: 108.55
Alternative scenario:
In case of breakout of the level 108.85, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 108.85
- Take Profit 1: 108.95
- Take Profit 2: 109.05
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 109.05 | 108.65 |
| 108.95 | 108.55 |
| 108.85 | 108.40 |
USD/JPY, D1
Pivot: 108.92
Analysis:
While the price is below 109.70, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 108.92
- Take Profit 1: 108.30
- Take Profit 2: 107.50
Alternative scenario:
If the level 109.70 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 109.70
- Take Profit 1: 111.00
- Take Profit 2: 112.20
Comment:
RSI shows a medium-term downtrend.
Key levels:
| Resistance | Support |
| 112.20 | 108.30 |
| 111.00 | 107.50 |
| 109.70 | 106.10 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.2240 with 1.2280 and 1.2300 targets as Take Profit. Alternative scenario - if the level 1.2240 is broken-down, sell with the TP 1.2225 and 1.2210.
GBP/USD - long positions above 1.4135 with 1.4190 and 1.4210 targets as Take Profit. Alternative scenario - if the level of 1.4135 is broken-down, sell with the targets 1.4115 and 1.4100 as Take Profit.
USD/CHF - sell below 0.8965 with 0.8925 and 0.8910 as Take Profit targets. Alternative scenario - if the level of 0.8965 is broken-out, you should consider buying with the targets 0.8975 and 0.8990 as Take Profit.
