13 June 2023, USD/JPY
USDJPY trading plan:
Japan's wholesale inflation slowed for a fifth consecutive month in May because of sliding fuel and commodity prices, data showed, a sign cost-push pressure that has driven up consumer inflation may be subsiding. The data underscores the central bank's view that consumer inflation will slow in coming months as global commodity prices slide from last year's peak levels. The rise came after a revised 5.9% increase in April and was well off the peak of 10.6% hit in December last year, as prices of electricity, fuel, nonferrous metals and chemical goods fell, data showed. The Bank of Japan is expected to maintain ultra-loose policy this week and stick with its forecast for a moderate economic recovery, as robust corporate and household spending cushion the blow from slowing overseas demand, sources have told.
Investment idea: buy 139.00 and take profit 139.80.
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