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The creating a near-term headwind

The creating a near-term headwind | 03 May 2022

03 May 2022, USD/JPY

USDJPY trading plan:

U.S. factory activity grew at its slowest pace in more than 1-1/2 years in April. The ISM's index of national factory activity fell to a reading of 55.4 last month, the lowest since a matching reading in September 2020, from 57.1 in March. The second straight monthly decline in the index also reflects spending rotating back to services like travel, dining out and recreation. Government data on Friday showed consumer spending on services increasing by the most in eight months in March, while outlays on long-lasting manufactured goods dropped for a second consecutive month. The ISM survey's forward-looking new orders sub-index dipped to 53.5 from 53.8 in March. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: sell 130.65 and take profit 129.97.

David Johnson
Analyst of «FreshForex» company
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