Long USD/JPY after price touched 1/16/23 close and reversed. Short term studies reversing higher. Stop below 128.35 1/20/23 daily low. I understand that the markets often react in an opposite direction than what Powell and the FOMC just said but that is the forward looking nature of most markets. I still believe Powell was quite hawkish. He basically ignored the question about financial conditions not being so tight anymore. He is laser focused on the most important element of the FED's dual mandate: inflation. The labor market is still extremely buoyant but let's see what the NFP print is on Friday.
Comment:
Exited my long position at 132.70. Now short for a return to 130.30