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By no means is the Fed's work done

By no means is the Fed's work done | 10 July 2023

10 July 2023, USD/JPY

By no means is the Fed's work done

USDJPY trading plan:

A government report earlier Friday showing employers slowed hiring in June but the labor market remained tight, with unemployment ticking down to 3.6% and hourly wages rising at a 4.4% annual pace. Nonfarm payrolls increased by 209,000 jobs last month, the smallest gain since December 2020, the survey of establishments showed. The report is suggestive of labor market cooling and the full effect of the Fed's 500 basis points of rate hikes since last March is still to come. Financial markets are pricing a Fed rate hike when policymakers next meet, in two and a half weeks.

Investment idea: buy 141.80 and take profit 142.60.

David Johnson
Analyst of «FreshForex» company
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