29 December 2021, USD/JPY
USDJPY trading plan:
Japan's factory output jumped at the fastest pace on record in November, as easing global supply chain bottlenecks helped car production leap out of its recent slump, lifting prospects for a strong fourth-quarter economic rebound. Factory production gained 7.2% in November from the previous month. That meant production rose for the second straight month after increasing 1.8% in October and posted a faster rise than the 4.8% gain expected in a trader’s poll. The data showed output of cars and other motor vehicles surged 43.1% from the previous month in November, also a record, while plastic products production rose 9.5%. Output of durable consumer goods rose 39%, while that of capital goods, which analysts say is closely related to the capital spending component in gross domestic product, was unchanged from the previous month. This is a good signal for the Japan stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 114.70 and take profit 115.20.
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