Buy on rebound from 123.62 level with 124.23 target. Stop loss = 123.12.
Reason for the trading strategy
Over the last week, the number of initial jobless claims in the US decreased from 296 thousand to 281 thousand. The statistics reflect an improvement in the US labor market. Today, the world's reserve currency may be supported by the publication of the statistics on the construction sector and the inflation data in the United States. Opening of the next long positions in the USD/JPY pair may be considered when testing the 123.62 level.