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Negative macroeconomic statistics from Japan

Negative macroeconomic statistics from Japan | 24 May 2021

24 May 2021, USD/JPY

Negative macroeconomic statistics from Japan

USDJPY trading plan:

Flash PMI data indicated that activity at Japanese private sector businesses saw a renewed reduction in May. Output fell at the quickest pace for four months, while the contraction in new business inflows was the fastest since February. Survey members widely attributed the deterioration in business conditions to resurgence in COVID-19 cases and the reimposition of state of emergency measures. Disruption to short-term activity is likely to remain until the latest wave of COVID-19 infections passes and restrictions enacted under state of emergency laws are lifted.

Investment idea: buy 108.60 and take profit 108.90.

David Johnson
Analyst of «FreshForex» company
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