Negative macroeconomic statistics from Japan | 08 سبتمبر 2020

USDJPY trading plan:

Japan gross domestic product shrank an annualized 28.1% from the previous quarter in the three months through June, worse than the initial estimate of a 27.8% fall, the Cabinet Office reported. Confirmation of Japan’s biggest GDP slide in records going back to 1955 comes as the ruling party prepares to pick a new prime minister next week. Shinzo Abe, the country’s longest-serving premier, last month announced his resignation due to health issues, leaving Japan with less certain leadership to chart a recovery. This is a negative signal for the Japanese currency!

Trading recommendation: Buy 106.17 and take profit 106.48.