09 June 2022, USD/JPY
USDJPY trading plan:
Japan's current account surplus shrank sharply in April as record imports overwhelmed exports, swinging the trade balance into the red, data showed, stoking some concerns about the country's long-term purchasing power. Japan's current account surplus stood at 501 billion yen in April, the data showed, down 628 billion yen from the same month a year earlier. Surging fuel purchasing costs pushed up overall imports by 32.8% year-on-year to a record amount, outpacing export growth led by steel and car shipments. The current account data underscored the change in Japan's economic structure as the country earns hefty returns from its portfolio investment and direct investment overseas, which have replaced trade as a main driver of its current account gains.
Investment idea: buy 133.55 and take profit 134.00.
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