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USDJPY: Consolidation in the 117.33-118.78 range

Buy on a level breakthrough of 118.78 with 120.08 target. Stop loss = 118.28.

Reason for the trading strategy

The Chinese authorities have realized that the fight against capital flight via administrative methods was ineffective. With further deterioration of macroeconomic statistics in China, the CSI300 Index may drop to last year's low, around 3,000 points. At the moment market participants are closing the long positions in defensive assets. In addition to the weakening of the yen, the publication of the US labor market statistics for December could today support the USD/JPY pair.


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