Buy on a level breakthrough of 120.55 with 121.23 target. Stop loss = 120.05.
Reason for the trading strategy
Market participants do not believe that the Bank of Japan will decide to expand the asset purchases program on October 30. Despite the low inflation figures and the GDP growth in Japan, the verbal interventions of Mr. Kuroda, the head of the Bank of Japan, speak in favor of keeping the volume of the quantitative easing program unchanged at 80 trillion yen per year. The introduction of negative interest rates in the world's third largest economy is apparently not seriously considered by market participants.