Buy on a level breakthrough of 113.70 with 114.50 target. Stop loss = 113.20.
Reason for the trading strategy
In February, Japan's retail sales decreased by 2.3% (m/m), with a forecast of a 0.9% (m/m) decline. The indicator falling for the fourth consecutive month has been reflecting an insufficiently high consumer activity of Japanese households. In addition, the increase in the unemployment rate from 3.2% to 3.3% in February requires the Japanese government to conduct some fiscal stimulation. The Japanese authorities are said to consider the option of a free transfer of money from the budget for the benefit of young Japanese low income earners.