Source: PaxForex Premium Analytics Portal, Technical Insight

Japanese government secretary general Yoshihide Suga gave up the idea of re-introducing the emergency regime despite the growing number of new cases of coronavirus in the capital.  

1. There is no need to reintroduce the emergency regime.

2. There has been an increase in the number of cases among young people, but the number of serious cases is decreasing.

On Thursday in Tokyo 107 new patients were registered - the maximum since May 25, when Japan left the emergency mode. In addition, for the first time since 2 May, more than 100 new infections have been reported in the capital.

USD/JPY, 30 min

Pivot: 107.49

Analysis:

Provided that the currency pair is traded below 107.65, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 107.49
• Take Profit 1: 107.30
• Take Profit 2: 107.15

Alternative scenario: 

In case of breakout of the level 107.65, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 107.65
• Take Profit 1: 107.80
• Take Profit 2: 107.90

Comment:

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

Key levels:

USD/JPY, D1

Pivot: 107.50

Analysis:

While the price is below 108.20, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 107.50
• Take Profit 1: 106.00
• Take Profit 2: 104.50

Alternative scenario:

If the level 108.20 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 108.20
• Take Profit 1: 109.65
• Take Profit 2: 111.20

Comment:

RSI shows a medium-term downtrend.

Key levels: