17 February 2023, USD/JPY
USDJPY trading plan:
Real yields - which measure return on Treasury yields after inflation - have turned higher, taking the yield of the U.S. 10-year Treasury Inflation Protected Security near its highest level since early January. Rising yields have arrested a decline in the U.S. dollar, which tumbled from a two-decade high in the latter half of 2022 but is now up nearly 3% from its low of the year against a basket of currencies. The Fed communicated there is more work to do in raising rates, so the risk for this year is that higher rates might not slow consumer demand enough for inflation to ease consistently.
Investment idea: buy 134.50 and take profit 135.12.
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