08 April 2022, USD/JPY
USDJPY trading plan:
Japan's current account balance swung back into the black in February from its second-biggest deficit on record in the previous month. Soaring fuel costs and a weak yen have expanded Japan's trade deficit in recent months, more than offsetting heavy returns on investment and pushing the country's current account balance into the red. Japan is particularly vulnerable to soaring fuel and raw material costs, as it relies almost entirely on imports for energy, adding to uncertainties about its already fragile recovery from the pandemic. Japan's worsening terms of trade and current account balance, if they persist, could erode market trust in the country's ability to pay back debt and work to weaken the yen further.
Investment idea: buy 123.70 and take profit 124.20.
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