Sell on a level breakthrough of 124.38 with 123.45 target. Stop loss = 124.88.
Reason for the trading strategy
The weakness of the yen brought the EURJPY pair above the 124.38 level in an instant. At the moment we expect it to decrease below this level after the statement made by Ignazio Visco, the member of the ECB Governing Council. He said that the ECB will not allow the inflationary expectations to reduce and will use all the tools available to continue the expansionary policy.