Sell on a level breakthrough of 122.85 with 122.02 target. Stop loss = 123.40.
Reason for the trading strategy
The US dollar remains under pressure after the last US Federal Reserve meeting. The US regulator has lowered the forecast for GDP for 2015 and raised the jobless rate forecast, it also lowered the forecast for inflation and average federal funds rate for 2016. The Bank of Japan meeting will be held tomorrow. The fact that Japan's monetary policy is expected to remain unchanged may provide additional support to the yen.