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Powell's hawkish remarks

Powell's hawkish remarks | 22 March 2022

22 March 2022, USD/JPY

USDJPY trading plan:

The yen fell through the psychological 120 level against the dollar for the first time since 2016, after Powell's hawkish remarks raised bets on higher U.S. rates and widened the policy gap between the Fed and a dovish BOJ. The Bank of Japan must maintain ultra-loose monetary policy as recent cost-push inflation could hurt the economy, Governor Haruhiko Kuroda said. Kuroda said consumer inflation is expected to accelerate as some firms pass on rising energy and food costs to households. Kuroda's remarks came in the wake of those by Fed Chair Jerome Powell, who pledged on Monday to move "expeditiously" to raise rates to keep an upward price spiral from getting entrenched.

Investment idea: buy 119.80 and take profit 120.44.

David Johnson
Analyst of «FreshForex» company
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