Negative macroeconomic data from Japan | 04 Octubre 2023

USDJPY trading plan:

Japan's service activity in September expanded for the 13th month but at the slowest pace since the start of the year, a private survey showed, a worrying sign as the sector has been a key driver of economic growth amid weakness in manufacturing. The final au Jibun Bank Japan Service purchasing managers' index fell to 53.8 in September from 54.3 in August, hurt by slower new business and a stalling in export orders. The index level marked the joint-lowest since January, according to the survey compiled by S&P Global and released on Wednesday. It was slightly above the flash reading of 53.3 and remained over the 50.0 threshold separating expansion from contraction since August last year.

Investment idea: buy 149.30 and take profit 149.93.