24 April 2023, USD/JPY
USDJPY trading plan:
U.S. business activity accelerated to an 11-month high in April, according to a survey, which was at odds with growing signs that the economy was in danger of slipping into recession as higher interest rates cool demand. It was the third straight month that the PMI remained above 50, indicating growth in the private sector. Business expectations among U.S. firms remained upbeat during April, with the degree of confidence in the year ahead outlook ticking up to the second-highest since May 2022. The survey's measure of new orders received by private businesses surged to 53.2 this month, also the highest reading since last May, from 50.8 in March. The increase, which was across the services and manufacturing sectors, meant inflation pressures picked up this month. The survey's measure of prices paid by businesses for inputs rose to 61.2 from 59.8 in March.
Investment idea: buy 133.75 and take profit 134.70.
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