18 May 2023, USD/JPY
USDJPY trading plan:
As Japan's stock market roars to multi-decade highs, large investors with long memories say they are staying out, wary of sagging momentum and the prospect the central bank will unwind its massive monetary stimulus. For about two decades Japan has pressed deeper into uncharted territory with its monetary policy in a bid to revive growth after the 1990s asset bubble burst - taking interest rates to zero in 1999, below in 2016, and pinning down bond yields. Now that inflation and growth have finally arrived, pressure is on the Bank of Japan's new governor to plot a course back to normality. He is yet to reveal his hand and the uncertainty seems to be holding back the next surge for investment and the currency, and could keep stocks from further gains. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 137.40 and take profit 137.90.
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