The Bank of Japan could further soften policy, and this could weaken the yen. JPY is nervous in anticipation of Bank of Japan's emergency meeting, which was announced to be held on Friday. The regulator is expected to present a plan to support business in the context of a pandemic. Risks in USD/JPY are higher, but the growth may be halted by 108.30/50 area, where daily MA converges.

USD/JPY, 30 min

Pivot: 107.61

Analysis:

Provided that the currency pair is traded above 107.45, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 107.61
• Take Profit 1: 107.75
• Take Profit 2: 108.00

Alternative scenario: 

In case of breakdown of the level 107.45, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 107.45
• Take Profit 1: 107.30
• Take Profit 2: 107.15

Comment:

Technically RSI shows the possibility of an upward trend during the day. 

Key levels:

USD/JPY, D1

Pivot: 107.62

Analysis:

While the price is below 109.35, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 106.26
• Take Profit 1: 105.15
• Take Profit 2: 103.10

Alternative scenario:

If the level 109.35 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 109.35
• Take Profit 1: 111.00
• Take Profit 2: 112.20

Comment:

RSI shows a medium-term downward trend.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

EUR/USD – sell below 1.0995 with 1.0935 and 1.0915 as Take Profit targets. Alternative scenario - if the level of 1.0995 is broken-out, you should consider buying with the targets 1.1030 and 1.2130 as Take Profit.
GBP/USD - short positions below 1.2250 with 1.2170 and 1.2130 targets as Take Profit. Alternative scenario - if the level of 1.2250 is broken-out, buy with the targets 1.2295 and 1.2325 as Take Profit.
USD/CAD - sell below 1.4000 with 1.3865 and 1.3840 targets as Take Profit. Alternative scenario - if the level 1.4000 is broken-out, buy with the TP 1.4025 and 1.4070.