Sell on a rebound from the level of 110.66 with 110.00 target. Stop loss = 111.16.
Reason for the trading strategy
The composite business activity index in Japan fell from 51 p. 49.9 p. in March. The internal statistics and the renewed decline in oil prices have put pressure on the Nikkei 225, which lost almost 2.5% today, and strengthened the protective yen. The technical picture in the USDJPY pair allows for a possibility of it falling to 106.75 in the medium term.