Negative macroeconomic statistics from Japan | 22 January 2021

22 January 2021, USD/JPY

USDJPY trading plan:

Japan's core consumer prices slumped in December at the fastest annual pace in a decade, a sign of intensifying deflationary pressures. The nationwide core consumer price index, which includes oil but excludes fresh food costs, fell 1.0% in December from a year earlier, government data showed, slightly less than a median market forecast for a 1.1% drop. It was the biggest annual fall since September 2010, when Japan was grappling with grinding deflation and a spike in the yen that dealt a severe blow to the export-reliant economy. This is a negative signal for the Japanese currency.

Investment idea: Buy 103.54 and take profit 103.88.

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David Johnson
Analyst of «FreshForex» company
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