According to the Head of the Bank of Japan H. Kuroda, speaking in the National Parliament:
If necessary, the Central Bank will not hesitate to take additional measures to mitigate monetary policy;
The world economy is expected to recover, but only at a modest pace;
The Japanese economy is showing recovery as export and production indicators reflect the recovery of foreign economies;
Japan's economy will maintain a trend of recovery, but the pace will be moderate due to concerns about COVID-19;
Price risks are bearish due to the high level of uncertainty surrounding the effects of coronavirus;
It is premature to discuss the exit from the ultra-softened policy, including curtailment of government bond and ETF purchases;
At this stage, there are no intentions to revise the monetary policy of the Central Bank.
Our Analysis:
Provided that the currency pair is traded below 104.45, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 104.29
- Take Profit 1: 104.10
- Take Profit 2: 103.90
Alternative scenario:
In case of breakout of the level 104.45, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 104.45
- Take Profit 1: 104.60
- Take Profit 2: 104.75
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