07 November 2022, USD/JPY
USDJPY trading plan:
Japan Prime Minister Fumio Kishida's government is stepping up support for households to try to ease the effects of cost-push inflation, with a 29 trillion yen in extra spending in the budget. The strains on business showed no signs of easing either with input costs up sharply. Japan's corporate goods price index, a barometer of wholesale prices that companies charge each other, is forecast up 8.8% year-on-year in October, easing from the previous month of 9.7%. Japan’s economy to have slowed markedly in the third quarter as global recession risks hurt external demand while rising inflation and a weak yen's impact on imported prices forced consumers to keep their wallets shut.
Investment idea: buy 146.85 and take profit 147.60.
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