09 February 2022, USD/JPY
USDJPY trading plan:
U.S. consumer prices data, set to be released on Thursday, is forecast at a four-decade high of 7.3%. The numbers follow strong U.S. labor data last week that added to investor concerns that the Fed will tighten rates faster than thought. Since the beginning of the COVID-19 pandemic, the Federal Reserve has been supporting financial markets by buying $120 billion of U.S. Treasury and mortgage-backed securities each month. Currently, the Fed is in the process of reducing (tapering) the amount of asset purchases. The meeting minutes from the December 2021 Fed policy meeting indicated that the Fed may begin to reduce the size of its balance sheet in 2022. This is a positive signal for the dollar.
Investment idea: buy 115.31 and take profit 115.82.
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