Buy on a level breakthrough of 121.72 with 123.02 target. Stop loss = 121.22.
Reason for the trading strategy
In July, the number of housing starts in Japan increased by 7.4% (y/y) with a forecast of 11.2% (y/y). The data, which was worse than expected, signaled a deterioration in business activity in the real estate market. Opening new long positions in the USD/JPY pair should be considered at a breakthrough of the resistance level of 121.72.