19 May 2023, USD/JPY
USDJPY trading plan:
The steep decline in weekly jobless claims reported by the U.S. Labor Department reversed the surge in the prior week, which had boosted them to the highest level since Oct. 30, 2021. That increase was largely blamed on an unusual jump in applications for unemployment insurance in Massachusetts. The labor market is being closely watched for signs of stress from the Federal Reserve's fastest monetary policy tightening campaign since the 1980s. The U.S. central bank is expected to keep interest rates unchanged next month for the first time since it started hiking them in March 2022. Powell is scheduled to speak on today and investors anticipate he will update those views in light of what has arguably been mixed economic data since the Fed last met in early May.
Investment idea: range 137.80 -138.80.
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