05 September 2023, USD/JPY
USDJPY trading plan:
Japanese household spending suffered its biggest drop in nearly 2-1/2 years squeezed by rising prices, although volatility in some items meant the outlook might not be as gloomy as the headline figures suggested. Japan's economy grew much faster than expected in the second quarter, helped by the end of COVID-19 curbs and a resurgence in inbound tourism, and analysts expect private consumption to support overall growth amid weakness in global demand. The household spending full 5.0% in July from a year earlier, official data shared, sliding for five consecutive months and more than the median market forecast for a 2.5% decline. On a seasonally adjusted month-on-month basis, household spending was down 2.7%, versus an estimated 0.5% gain.
Investment idea: sell 147.20 and take profit 146.50.
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