26 June 2023, USD/JPY
USDJPY trading plan:
Japan's core consumer inflation exceeded forecasts in May and an index excluding fuel costs rose at the fastest annual pace in 42 years, highlighting broadening price pressure that will keep the central bank under pressure to phase out its massive stimulus. The increase was driven by steady price hikes for food and daily necessities, suggesting a drag on consumption from the rising cost of living facing households, analysts say. The nationwide core consumer price index, which excludes fresh food but includes energy items, rose 3.2% in May from a year earlier, data showed, slowing from 3.4% in April but exceeding market forecasts for a 3.1% gain. Core consumer inflation has now stayed above the central bank's 2% target for 14 straight months, casting doubt on its view the recent cost-driven inflation will prove temporary.
Investment idea: buy 142.60 and take profit 143.50.
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