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Positive macroeconomic statistics from Japan

Positive macroeconomic statistics from Japan | 16 August 2023

16 August 2023, USD/JPY

Positive macroeconomic statistics from Japan

USDJPY trading plan:

Big Japanese manufacturers and service-sector firms signalled improved business morale in August, a monthly fresh poll showed, reflecting a gradual economic recovery from COVID-induced doldrums despite an uncertain global outlook. Their indexes rose to plus 12 and plus 32, respectively, in August, from plus 3 and plus 23 in the previous month, according to the Tankan survey, which is strongly correlated with the Bank of Japan's key quarterly tankan. The strong results came on the heels of government gross domestic product data out that showed much stronger-than-expected growth for the second quarter in the world's third-largest economy, driven by solid car exports.

Investment idea: sell 146.50 and take profit 145.70.

David Johnson
Analyst of «FreshForex» company
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