Buy on a level breakthrough of 121.40 with 123.73 target. Stop loss = 120.90.
Reason for the trading strategy
Currently, Asian stock markets are showing a rapid growth in the range of 2-3% against the background of the monetary policy easing in Japan. The currency market participants were surprised by the decision of the Bank of Japan to introduce a negative interest rate on deposits at the level of -0.1% per annum. Meanwhile, it was necessary in order to push the country's inflation upwards. According to the regulator's forecasts, the core inflation in Japan will be 0.8% in the 2016 fiscal year, and not 1.4%, as it was predicted earlier.