USDJPY InsightWelcome, subscribers!
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Key Points
- President Trump criticized the Federal Reserve via Truth Social, stating, “Jerome Powell and his entire board should be ashamed for allowing a rate pause to happen in the U.S. — it’s too late.”
- Trump also escalated rhetoric against Japan, saying, “I have great respect for Japan, but they don’t take our rice. In other words, we’ll be sending them a letter.”
- Canada announced it would withdraw its plan to impose a digital services tax, a move previously criticized by President Trump. Kevin Hassett, chairman of the White House National Economic Council, stated that trade talks with Canada will now resume.
Major Economic Events This Week
+ July 1: Eurozone June CPI, Fed Chair Jerome Powell's speech, U.S. Department of Labor JOLTS report
+ July 2: U.S. June ADP Nonfarm Employment Change
+ July 3: U.S. June Nonfarm Payrolls, U.S. June Unemployment Rate
USDJPY Chart Analysis
After breaking through the 145 level, the pair surged to the 148 level before retracing sharply down to the lower end of the 144 level. Since the key support at 144 has been broken, there is now room for a further drop to 142 or even 140. We will monitor price action around the 142 and 144 levels before deciding on the next strategy.
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