16 July 2021, USD/JPY
USDJPY trading plan:
U.S. Treasury yields fell to one-week lows as Federal Reserve Chairman Jerome Powell testified before Congress for the second day that rising inflation is likely to be transitory and that the U.S. central bank would continue to support the economy. Powell delivered the same pledge of "powerful support" to complete the U.S. economic recovery as he did, an indication he sees no need to rush the withdrawal of support from the economy because of a recent jump in inflation. The yield curve between two-year and 10-year notes flattened five basis points to 107 basis points. Long-dated yields have fallen in the past few weeks and the yield curve has flattened as investors prepare for the economic boom from business reopening to fade. This is a good signal for the U.S. stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 109.82 and take profit 110.25.
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