09 June 2023, USD/JPY
USDJPY trading plan:
Japan's gross domestic product expanded an annualised 2.7% in January-March, much higher than a preliminary estimate of a 1.6% growth and economists' median forecast for a 1.9% rise. With inflation running at a four-decade high, further growth in the world's third-largest economy will depend on sustained wage hikes, which the Bank of Japan and the government regard as core policy objectives. Despite the global economic slowdown, the Japanese economy remains resilient - ample private consumption will continue to support the growth. Capital spending rose 1.4%, upgraded from 0.9% and roughly in line with Ministry of Finance data last week that showed manufacturers' business spending grew at the fastest rate since 2015. This is a good signal for the Japanese stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 139.10 and take profit 140.00.
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