MACRO Signals Confirm Tech Long for USDJPY into FOMC and Rates
Fundamentals:
Our macro signals confirm the technical signals to stay long.
If the Fed becomes hawkish, as we believe, then this points to higher yields and a USD strength.
Inflation risks are staring the Fed right in the mirror. It is harder to ignore.
Tapering from the Fed should be on the table now.
Yield Spread is expanding.
The yield spread has yet to reach its deleveraging point; thus, long USDJPY .
Bullish commodities
Technicals:
Consolidation
Bullish MACD
Bullish RSI
LT intraday Bullish continuation IHS
Tentative Targets:
116 to 118
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