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The Bank of Japan should rethink its strategy

The Bank of Japan should rethink its strategy | 30 October 2023

30 October 2023, USD/JPY

The Bank of Japan should rethink its strategy

USDJPY trading plan:

Core consumer inflation in Japan's capital Tokyo, considered a leading indicator of nationwide trends, unexpectedly accelerated in October, a sign of broadening price pressures that may keep alive expectations of near-term end to ultra-low interest rates. The data reinforces expectations the Bank of Japan will revise up its inflation forecasts when it produces fresh quarterly projections at this week's policy meeting. With services inflation continuing to accelerate, it will take a long time before inflation falls back below the BOJ's 2% target. This is a positive signal for the Japanese yen.

Investment idea: sell 150.50 and take profit 149.50.

David Johnson
Analyst of «FreshForex» company
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