19 May 2022, USD/JPY
USDJPY trading plan:
Japan’s economy shrank in the first three months of this year as the omicron variant swept across the nation, with lingering supply snarls and soaring import prices adding to the unfavorable conditions for businesses and households. Gross domestic product contracted at an annualized pace of 1% in the quarter through March, the Cabinet Office reported. The setback to Japan’s already sluggish recovery from the pandemic stemmed from a deterioration in overall trade and a stalling of consumer spending as quasi-emergency curbs cut business hours and restricted activity during the record virus wave. The fourth quarterly contraction of the pandemic leaves Japan lagging behind its global peers in regaining lost ground. This is a negative signal for the Japanese stock market and USDJPY, as assets correlate with each other.
Investment idea: sell 128.24 and take profit 127.51.
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