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Negative macroeconomic statistics from Japan

Negative macroeconomic statistics from Japan | 12 May 2022

12 May 2022, USD/JPY

Negative macroeconomic statistics from Japan

USDJPY trading plan:

Japan's economy contracted in the first three months of this year as the lingering fallout from the COVID-19 pandemic took a toll on consumption and exports. A big drop in consumption was mainly behind the contraction in January-March GDP, due largely to the outbreak of the Omicron variant. The recovery will remain moderate due to Japan's worsening terms of trade blamed on the Ukraine crisis and slowing global growth. The weak reading will underscore the challenge policymakers face in pulling the world's third-largest economy sustainably out of the pandemic-induced doldrums.

Investment idea: buy 129.08 and take profit 129.55.

David Johnson
Analyst of «FreshForex» company
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