17 May 2023, USD/JPY
USDJPY trading plan:
Japan's economy emerged from recession and grew faster than expected in the first quarter as a post-COVID consumption rebound offset global headwinds, shoring up hopes for a sustained recovery. The world's third-largest economy grew an annualised 1.6% in January-March, government data showed, far exceeding market forecasts for a 0.7% gain and marking the first rise in three quarters. The growth followed a 0.1% fall in the final quarter of last year, which was revised down from a 0.1% rise. The decline marked two straight quarters of contraction, meeting the definition of a technical recession. A positive signal for the Japanese stock market and USDJPY, as assets correlate with each other.
Investment idea: buy 136.70 and take profit 137.51.
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