21 August 2023, USD/JPY
USDJPY trading plan:
Japan's exports fell in July for the first time in nearly 2-1/2 years, dragged down by faltering demand for light oil and chip-making equipment, underlining concerns about a global recession as demand in key markets such as China weaken. Separate data from the Cabinet Office showed a key gauge of capital expenditure rose in June. However, manufacturers are braced for core orders to slide during the current quarter, partly due to weak offshore demand. Overall, the batch of data underscored fragility in Japan's export engine, which helped underpin better-than-expected second quarter domestic product growth, with car shipments and tourism the biggest drivers. Japanese policymakers are counting on exports to shore up the world's No. 3 economy and pick up the slack in private consumption that has suffered due to rising prices.
Investment idea: buy 145.10 and take profit 145.75.
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