07 June 2022, USD/JPY
USDJPY trading plan:
Japan's household spending fell faster than expected in April as the yen's sharp decline and surging commodity prices pushed up retail costs. Spending improved from the previous month as households showed increasing appetite for services such as eating out, but the month-on-month rise was smaller than expected, suggesting the drag from the pandemic remained. The data raises some concerns for policymakers worried about the growing hit households are taking from rising prices for daily essentials and a weakening yen, which is pushing up import costs and making consumers hesitant to spend. Households were becoming more accepting of price rises, Bank of Japan Governor Haruhiko Kuroda said on Monday, adding that a weak yen in general was likely to have a positive impact on the economy as long as its moves were not extreme.
Investment idea: buy 132.05 and take profit 132.80.
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