13 September 2022, USD/JPY
USDJPY trading plan:
Japan's wholesale prices rose 9.0% in August from the previous year, matching the annual pace of growth in July, data showed, signalling that persistently high raw material costs continued to squeeze corporate margins. The index, at 115.1, extended a record high for the fifth straight month in a sign Japan continues to feel the impact of rising global raw material prices. While recent falls in crude oil and global commodity costs took some pressure off fuel and scrap metals prices, prices rose for a broad range of items that more directly affect retailers such as utility bills and electronic devices, the data showed. A weak yen has inflated the cost of importing already rising prices of raw material goods, weighing on corporate profits and forcing a growing number of firms to hike prices.
Investment idea: buy 141.90 and take profit 142.44.
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