Progress in the fight against inflation? | 21 November 2023

21 November 2023, USD/JPY

Progress in the fight against inflation?

USDJPY trading plan:

The US is making “considerable progress” in bringing down inflation, which is especially notable given the labor market remains strong, Treasury Secretary Janet Yellen said. The annual inflation rate, as measured by the government’s consumer price index, has dropped to 3.2% in October from its 2022 peak of more than 9% after the Federal Reserve embarked on an aggressive campaign of interest-rate increases to cool price pressures. While prices aren’t rising as fast as they were last year, they are still increasing and many essential items remain much more costly than they were before the pandemic. This is a positive signal for the dollar.

Investment idea: buy 147.44 and take profit 149.12.

David Johnson
Analyst of «FreshForex» company
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