03 July 2023, USD/JPY
USDJPY trading plan:
The U.S. Commerce Department said consumer spending ticked up 0.1% in May while data for the prior month was revised to show spending accelerated by 0.6% versus the previously reported 0.8%. The personal consumption expenditures gained 0.1% for the month after an 0.4% rise in April while advancing 3.8% on an annual basis, slowing from a revised 4.3% the prior month. But the PCE gauges were still well above the Fed's 2% inflation target. Expectations for a 25 basis points which at the Fed's July meeting dipped slightly, with markets now pricing in an 86%. This is a positive signal for the dollar.
Investment idea: buy 144.19 and take profit 145.10.
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