27 February 2023, USD/JPY
USDJPY trading plan:
Bank of Japan Governor nominee Kazuo Ueda warned against any magical solution to produce stable inflation and normalize policy as he largely stuck to the existing central bank script in the first parliamentary hearing to approve his appointment. During a session that lasted almost three hours, Ueda said the BOJ should continue with stimulus for now, while flagging the need to consider returning to a normal policy approach if the outlook for prices clearly improved. The yen was little changed after he finished speaking, while bond futures edged up and bank stocks retreated. The move’s indicated traders were having difficulty drawing any significant conclusions from the comments. This is a negative signal for the Japanese currency.
Investment idea: buy 135.80 and take profit 136.55.
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