10 May 2023, USD/JPY
USDJPY trading plan:
U.S. small business confidence fell to more than a 10-year low in April on worries about the near-term economic outlook and persistent worker shortages, but there were few signs that businesses were having difficulties accessing credit. The National Federation of Independent Business said its Small Business Optimism Index dropped 1.1 points to 89.0 last month. Higher interest rates tied to the Federal Reserve's battle to tame inflation combined with tighter credit conditions following recent financial market stress are stoking fears of a recession this year. A fight over raising the federal government's borrowing cap is also helping to cloud the economy. Though the Fed has signaled it may pause its fastest monetary policy tightening campaign since the 1980s, the economy has yet to feel the full effects of the cumulative 500 basis points of hikes in the policy rate since March 2022.
Investment idea: sell 135.80 and take profit 135.10.
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