07 June 2023, USD/JPY
USDJPY trading plan:
Supply chain pressures cooled again in May, New York Fed data showed, in a development that further eased what had been one of the key factors that had helped drive surging inflation pressures around the work. The New York Fed said that its latest Global Supply Chain Pressure Index stood at -1.71, from the revised -1.35 for April. The report said supply chain pressures were below average in all regions of the world considered in the index. After peaking in December 2021 at a reading of 4.31, the New York Fed index has been steadily retreating as supply chain kinks generated by the coronavirus pandemic have gotten worked out. The index tipped into negative territory in February in a sign supply chain pressures had largely resolved themselves and have moved steadily lower since that point. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 139.01 and take profit 139.79.
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