24 November 2023, USD/JPY
USDJPY trading plan:
Japan's factory activity shrank for a sixth straight month in November, while modest growth in the service sector was little changed, a business fresh survey showed, highlighting the fragility of the economy amid soft demand and inflation. Both output and new orders fell further in November and the pace of contraction in incoming business accelerated. While pressure on capacity continued to ease, manufacturers reduced staffing for a second straight month. Activity at Japanese private sector firms stagnated midway through the fourth quarter of 2023. Demand conditions at private sector firms remained muted in November and were little-changed from October. Although input price inflation eased to a 27-month low, it remained high and stayed above average in the series, the report said. Rising raw material, fuel and labour costs as well as a weak yen were among the major factors behind higher prices.
Investment idea: buy 149.15 and take profit 149.90.
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