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The pace of recovery is likely to be moderate

The pace of recovery is likely to be moderate | 01 August 2023

01 August 2023, USD/JPY

The pace of recovery is likely to be moderate

USDJPY trading plan:

Japanese factory output improved in June for the first time in two months, government data showed, highlighting growing confidence among manufacturers buoyed by strong demand. Many countries, including Japan, are relying on domestic consumption to underpin growth while the risk of global recession persists. Output rose 2.0% in June from a month prior on a seasonally adjusted basis, missing the 2.4% median market forecast. That followed a revised 2.2% decline in May. The figures tally with improvement in sentiment among big manufacturers in the second quarter as raw material costs peaked and the end of pandemic curbs lifted consumption, showed the Bank of Japan's "tankan" survey.

Investment idea: range 142.30 -143.30

David Johnson
Analyst of «FreshForex» company
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