18 May 2021, USD/JPY
USDJPY trading plan:
Japan’s recovery stalled last quarter, with the economy shrinking for the first time since last year’s pandemic collapse. Gross domestic product shrank an annualized 5.1% from the prior quarter in the three months through March, ending a two-quarter streak of double-digit growth amid falling consumer spending and a drop in government outlays, the Cabinet Office reported. Private consumption, which accounts for more than half of the economy, fell 1.4% from the previous quarter on a non-annualized basis. The worse-than-expected result comes at a critical time for Prime Minister Yoshihide Suga’s government as it struggles to contain virus cases with a targeted approach that limits the damage to the economy and a slow vaccine rollout.
Investment idea: buy 108.77 and take profit 109.10.
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