EXNESS - Analytics

    EXNESS

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    USDJPY: consolidation below the level of 121.72

    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.

     

    USDJPY, H4

    USDJPY


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