Source: PaxForex Premium Analytics Portal, Technical Insight

The Japanese government plans to gradually lift restrictions on travel abroad in October, according to Monday's Nikkei Asian Review. The Japanese newspaper reports that this step is being considered to encourage the removal of restrictions on entry imposed in other countries. The government is said to give priority to 10 countries and regions with low COVID-19 cases, including Australia, New Zealand, and Vietnam.

USD/JPY, 30 min

Pivot: 105.57

Analysis:

Provided that the currency pair is traded below 105.70, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 105.57
• Take Profit 1: 105.30
• Take Profit 2: 105.20

Alternative scenario: 

In case of breakout of the level 105.70, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 105.70
• Take Profit 1: 105.80
• Take Profit 2: 105.90

Comment:

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

Key levels:

USD/JPY, D1

Pivot: 105.47

Analysis:

While the price is below 106.90, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 105.47
• Take Profit 1: 104.00
• Take Profit 2: 102.40

Alternative scenario:

If the level 106.90 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 106.90
• Take Profit 1: 108.15
• Take Profit 2: 109.65

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 – buy above 1.1655 with 1.1685 and 1.1700 as Take Profit targets. Alternative scenario - if the level of 1.1655 is broken-down, you should consider selling with the targets 1.1640 and 1.1620 as Take Profit.
GBP/USD - long positions above 1.2820 with 1.2880 and 1.2910 targets as Take Profit. Alternative scenario - if the level of 1.2820 is broken-down, sell with the targets 1.2800 and 1.2770 as Take Profit.
USD/CHF - sell below 0.9260 with 0.9210 and 0.9185 targets as Take Profit. Alternative scenario - if the level 0.9260 is broken-out, buy with the TP 0.9280 and 0.9295.