21 Junio 2022, USD/JPY
USDJPY trading plan:
Tokyo’s bond market began the week on a much calmer footing as traders mulled unprecedented intervention by the Bank of Japan. Ten-year yields edged higher to 0.23% Monday in the aftermath of the BOJ’s 10.9 trillion yen. Market watchers see the calm as temporary as the BOJ continues to defy an intensifying global wave of central bank tightening and concentrated market pressure on the yen and government bonds. Implied volatility for 10-year JGBs eased after rising to the highest since the global financial crisis in 2008. The BOJ said its bond buying will continue for an extended period of time. Speculative attacks on Japan’s bond market have mounted amid bets the BOJ will cave in to pressure and tweak its increasingly isolated easy monetary policy -- something it reconfirmed at its policy decision Friday. But the impact of the central bank’s bond purchases has squeezed some corners of the futures markets, putting at least some arbitrage traders under pressure.
Investment idea: buy 134.90 and take profit 135.57.
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