Sell on a level breakthrough of 131.25 with 129.66 target. Stop loss = 131.75.
Reason for the trading strategy
The Bank of Japan's decision not to expand the asset purchases program above 80 trillion yen in the year supported the yen. According to the Central Bank of Japan forecasts, consumer prices, excluding fresh food and impact of higher taxes on consumption, will reach the target of 2% (y/y) later than the second half of the 2016 fiscal year.
Reason for the trading strategy
The Bank of Japan's decision not to expand the asset purchases program above 80 trillion yen in the year supported the yen. According to the Central Bank of Japan forecasts, consumer prices, excluding fresh food and impact of higher taxes on consumption, will reach the target of 2% (y/y) later than the second half of the 2016 fiscal year.
EURJPY: under pressure against the background of a strengthening yen
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