Sell on a level breakthrough of 120.16 with 119.62 target. Stop loss = 120.66.
Reason for the trading strategy
In September, Japan's retail sales decreased by 0.2% (m/m), with a forecast of 0.4% (m/m) growth. The statistics reflect a contraction in consumer activity of Japanese households and puts pressure on the yen. However, before the US Federal Reserve's decision on the interest rate, a significant growth of the USD/JPY pair is unlikely. In the short term, we allow for the pair to test the level of 119.62.
Reason for the trading strategy
In September, Japan's retail sales decreased by 0.2% (m/m), with a forecast of 0.4% (m/m) growth. The statistics reflect a contraction in consumer activity of Japanese households and puts pressure on the yen. However, before the US Federal Reserve's decision on the interest rate, a significant growth of the USD/JPY pair is unlikely. In the short term, we allow for the pair to test the level of 119.62.
USDJPY: adjustment from the level of 120.16
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