28 July 2021, USD/JPY
USDJPY trading plan:
With Japan's economy still reeling from the pandemic, the BOJ must sustain its ultra-loose policy, one board member was quoted as saying in the summary. In Japan, it's necessary to patiently continue with monetary easing to meet our price goal in cooperation with the government. Rising commodity prices could push up year-on-year growth in consumer inflation. But there's still some distance to stably achieving our 2% inflation target, which means it's important to avoid a premature monetary tightening. The remarks highlight the dominant view among BOJ policymakers that recent global commodity inflation likely won't spur broader rises in consumer inflation.
Investment idea: buy 109.60 and take profit 110.00.
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