Source: PaxForex Premium Analytics Portal, Technical Insight

According to NHK reports, Japanese Prime Minister Shinzo Abe plans to resign due to health reasons. It is also reported by Kyodo News and Asahi Shimbun. Now the markets are waiting for Abe's press conference, during which he can formally confirm the news of his resignation

USD/JPY, 30 min

Pivot: 106.22

Analysis:

Provided that the currency pair is traded below 106.95 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 106.22
• Take Profit 1: 105.90
• Take Profit 2: 105.55

Alternative scenario: 

In case of breakout of the level 1106.95, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 106.95
• Take Profit 1: 107.05
• Take Profit 2: 107.30

Comment:

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

Key levels:

USD/JPY, D1

Pivot: 106.24

Analysis:

While the price is below 108.15, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 106.24
• Take Profit 1: 104.15
• Take Profit 2: 102.40

Alternative scenario:

If the level 108.15 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 108.15
• Take Profit 1: 109.65
• Take Profit 2: 111.20

Comment:

RSI shows a medium-term downtrend.

Key levels: