Sell on a level breakthrough of 106.86 with 106.36 target. Stop loss = 107.26.
Reason for the trading strategy
Japan's GDP in Q1 2016 increased by 0.5% (q/q). In Q4 2015 the growth rate was 0.4% (q/q). The positive economic statistics support the yen, but after J.Yellen's statement made earlier this week the increased appetite for risk prevents it form strengthening. Nevertheless, in the short term, the USDJPY pair will probably test the current year's low.