21 March 2023, USD/JPY
USDJPY trading plan:
Gains in stocks were accompanied by higher Treasury yields, as bond investors weighed the chances of whether the Federal Reserve will skip raising interest rates when it meets this week given the upheaval among banks. Fed funds futures show a 26.9% probability of the Fed holding its overnight rate at a current 4.5%-4.75% when policymakers conclude a two-day meeting on Wednesday. The banking-sector turmoil, combined with a previous increase in funding pressures, has left financial markets keenly attuned to what the Fed will say about its $8.6 trillion balance sheet. Until this month the stash had been shrinking as part of the Fed’s efforts to return it back to pre-pandemic levels. But now it has started to expand again as the Fed acts to bolster the banking system through a slate of emergency lending programs. Its latest step came Sunday, when it moved with other central banks to boost US dollar liquidity.
Investment idea: range 130.79 -131.75.
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