Source: PaxForex Premium Analytics Portal, Technical Insight

The Bank of Japan will revise its economic and inflation forecasts, which will be presented in the quarterly report of the Central Bank. As one source commented, forecasts for the next fiscal year will be weaker than three months ago. The main driver of such revision is the economy subsidence in April-June, which exceeded the forecasts, and low consumption in the summer period

USD/JPY, 30 min

Pivot: 104.28

Analysis:

Provided that the currency pair is traded below 104.55, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 104.28
• Take Profit 1: 104.10
• Take Profit 2: 103.85

Alternative scenario: 

In case of breakout of the level 104.55, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 104.55
• Take Profit 1: 104.70
• Take Profit 2: 104.85

Comment:

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

Key levels:

USD/JPY, D1

Pivot: 104.70

Analysis:

While the price is below 106.15, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 104.70
• Take Profit 1: 103.00
• Take Profit 2: 101.15

Alternative scenario:

If the level 106.15 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 106.15
• Take Profit 1: 106.90
• Take Profit 2: 107.60

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 1.1805 with 1.1755 and 1.1740 as Take Profit targets. Alternative scenario - if the level of 1.1805 is broken-out, you should consider buying with the targets 1.1820 and 1.1835 as Take Profit.
GBP/USD - short positions below 1.3050 with 1.3015 and 1.3000 targets as Take Profit. Alternative scenario - if the level of 1.3050 is broken-out, buy with the targets 1.3075 and 1.3100 as Take Profit.
USD/CHF - buy above 0.9075 with 0.9110 and 0.9125 targets as Take Profit. Alternative scenario - if the level 0.9075 is broken-down, sell with the TP 0.9055 and 0.9040.