25 September 2023, USD/JPY
USDJPY trading plan:
Japan's factory activity contracted for the fourth straight month and the service sector growth slipped to an eight-month low, a survey showed, highlighting the challenges facing the economy as it struggles to mount a strong recovery. The au Jibun Bank flash Japan manufacturing purchasing managers' index declined to a seasonally adjusted 48.6 in September from 49.6 in August. The index has remained below the 50.0-point threshold that separates contraction from expansion for four months after briefly popping above that level in May. Activity was in contractionary territory before that for six straight months. Output fell to the lowest level since June while new orders dropped at the steepest pace in seven months, the survey showed. Manufacturers also faced elevated price pressures with the rate of input price inflation reaching four-month high.
Investment idea: buy 148.11 and take profit 148.85.
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