BoJ will patiently maintain its ultra-loose monetary | 30 May 2023

USDJPY trading plan:

Japan's jobless rate fell to 2.6% in April from 2.8% in the previous month, government fresh data showed. The jobs-to-applicants ratio stood at 1.32, unchanged from March, labour ministry data showed. Bank of Japan Governor Kazuo Ueda said the central bank will patiently maintain its ultra-loose monetary as there is some distance to sustainably achieve its 2% inflation target, downplaying expectations for a policy change in the near-term. "We expect inflation to quite clearly slow below 2%" toward the middle of the current fiscal year, Ueda told parliament. This is a negative signal for the Japanese currency.

Investment idea: buy 140.29 and take profit 141.10.