07 November 2023, USD/JPY
USDJPY trading plan:
Japan's services activity expanded at the slowest pace this year in October, a business survey showed, reinforcing concerns that the key sector propelling economic growth is continuing to soften. The final au Jibun Bank Service purchasing managers' index fell to 51.6 in October from 53.8 in September, beset by weak demand. While the PMI data continue to make positive reading for the Japanese service sector, the recent trends suggest that growth is on the wane. Although consumption maintained its post-pandemic momentum, the rise in new orders was the weakest since January and new export orders slipped into the contraction for the first time in 14 months.
Investment idea: buy 150.10 and take profit 150.66.
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