29 July 2022, USD/JPY
USDJPY trading plan:
The U.S. economy contracted again in the second quarter amid aggressive monetary policy tightening from the Federal Reserve to combat high inflation, which could fan financial market fears that the economy was already in recession. Gross domestic product fell at a 0.9% annualized rate last quarter, the Commerce Department said in its advance estimate of GDP. GDP contracting doesn't come as a great surprise to anyone. We've seen evidence on a daily basis that there are parts of the economy that continue to struggle, and again, part of that is the business cycle and part of that is interest rates going higher. We see a bumpy road ahead as the Fed attempts to rebalance supply and demand in the economy and an elevated risk of recession in the second half of 2023 as rates push into restrictive territory.
Investment idea: sell 135.00 and take profit 134.00.
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