Sell on a level breakthrough of 124.24 with 123.20 target. Stop loss = 124.80.
Reason for the trading strategy
In February, China's trade balance amounted to 210 billion with a forecast of 339 billion yuan. In January, Japan's balance of payments current account (seasonally adjusted) amounted to 1.49 trillion with a forecast of 1.66 trillion yen. The statistics indicates a deterioration of the situation in the major Asian economies, strengthening the position of the yen in the foreign exchange market. Information about a 3.3% (m/m) growth in Germany's industrial production in January did not provide any significant support for the EURJPY pair today.