16 November 2023, USD/JPY
USDJPY trading plan:
Japanese exports grew for a second straight month in October but at a sharply slower pace due to slumping China-bound shipments of chips and steel, as weakening external demand takes its toll on the trade-reliant economy. Weak exports have complicated Japan's efforts to spur economic growth with sluggish domestic demand also weighing on the post-pandemic recovery. With China's economy crawling at the bottom and demand from the United States and Europe slowing, we need to wait until the middle of next year for exports to bottom out. Until then, Japan would need to count on consumption and capital expenditure to pick up the slack.
Investment idea: buy 151.05 and take profit 151.85.
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