U.S. recovery picked up somewhat | 03 June 2021

03 June 2021, USD/JPY

USDJPY trading plan:

The Fed’s Beige Book indicated that the pace of the U.S. recovery picked up somewhat in the past two months, sparking price pressures as businesses contended with worker scarcity and rising costs. This follows consumer prices in April accelerating at its fastest pace in more than 12 years. Fed officials have usually been at pains to say that these inflationary pressures will be temporary in nature, but there have been some recent comments of a more hawkish nature. Philadelphia Fed President Patrick Harker said that the central bank should begin discussing the time frame for paring back its bond-buying program. This is a positive signal for the dollar.

Investment idea: buy 109.45 and take profit 110.00.

David Johnson
Analyst of «FreshForex» company
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