03 November 2023, USD/JPY
USDJPY trading plan:
U.S. worker productivity grew at its quickest pace in three years in the third quarter, depressing labor costs. Nonfarm productivity, which measures hourly output per worker, increased at a 4.7% annualized rate last quarter, the fastest since the third quarter of 2020, the Labor Department said. Data for the second quarter was revised slightly higher to show productivity growing at a rate of 3.6% instead of the previously reported 3.5% pace. The government revised the data going back a few years. Growth in productivity in the second quarter of 2020 was revised up 3.4 percentage points to a rate of 20.7%, making it the fastest since the government started tracking the series in 1947. This is a positive signal for the dollar.
Investment idea: buy 150.05 and take profit 150.75.
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