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Positive macroeconomic statistics from Japan

Positive macroeconomic statistics from Japan | 24 May 2023

24 May 2023, USD/JPY

USDJPY trading plan:

Business sentiment at big Japanese manufacturers turned positive for the first time this year and service-sector morale hit a five-month high, the Tankan poll fresh showed, as the economy continued to improve from a COVID-led recession. The solid reading may further fuel speculation that the BOJ will embark on normalising its easing policy sooner rather than later. However, governor Kazuo Ueda has repeatedly said that inflation, supported by wage hikes, needs to track at a sustainable rate of 2% before the bank could consider any exit. As daily life normalises after the pandemic, customers' appetite for purchasing has turned higher, helping department store sales in urban areas post double-digit growth.

Investment idea: sell 139.00 and take profit 138.33.

David Johnson
Analyst of «FreshForex» company
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