Weekly Market Strategy - February 24, 2026 (Tue)
On the 20th, the U.S. Supreme Court ruled that the reciprocal tariffs imposed by the Trump administration were unconstitutional. However, Trump subsequently signed an executive order to impose a 10% tariff on imports from various countries for a limited 150-day period based on Section 122 of the Trade Act of 1974, and on the 21st he announced that this rate would be increased to 15%. This is a time when there are questions about whether the dollar will move unstably going forward.
USD/JPY seems likely to be determined by the February U.S. Consumer Confidence Index to be released today and the preliminary February Tokyo CPI data to be released on Friday.
Currently, the price is moving within a range. I believe the near-term movement will be determined by whether it breaks above 155.00 or falls below 154.50.
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