05 June 2023, USD/JPY
USDJPY trading plan:
Global shares and U.S. Treasury yields rose on last week following stronger-than-expected job growth data that raised investor expectations that the Federal Reserve could retain its interest rate hikes. While it appears to be a hot number on the actual number of people employed, the wage rate is not increasing as fast. This is very interesting as this shows that people are returning to the workforce. The interesting thing continuing claims remain low although the number of newly unemployed continues to be consistent, so that means people are getting jobs and it looks like wage pressures are coming down because we have more people entering the workplace. The market’s mood was also supported by the U.S. Senate passing bipartisan legislation on Thursday that lifted the federal government's $31.4 trillion debt ceiling and averted what would have been a first-ever default. Biden said to preserve U.S. economic progress it was critical to keep the country's full faith and credit intact.
Investment idea: buy 139.75 and take profit 140.70.
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