Buy on a level breakthrough of 123.83 with 124.63 target. Stop loss = 123.23.
Reason for the trading strategy
Mr. Kuroda, Head of the Bank of Japan, said that last week his words did not concern the assessment of the nominal exchange rate of the yen or its direction forecast. His words were applicable to the real rather than the nominal exchange rates. Mr. Kuroda believes that the weak yen has its positive and negative sides. It can be concluded from his statement that the Bank of Japan is not going to not prevent further weakening of the nominal exchange rate of the yen.