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Japan’s economy shrank for a third straight quarter

Japan’s economy shrank for a third straight quarter | 17 August 2020

17 August 2020, USD/JPY

Japan’s economy shrank for a third straight quarter

USDJPY trading plan:

The third straight quarter of declines knocked the size of real gross domestic product to decade-low levels, wiping out the benefits brought by Prime Minister Shinzo Abe's "Abenomics" stimulus policies deployed in late 2012. This is a positive signal for USDJPY. Retail sales and factory output are already showing signs of recovery, but the rebound is fragile with exports still weak, Japan’s virus cases rising and no Olympics-spending boost from tourists given the postponement of the Games. Analysts see GDP rebounding by double-digits this quarter, but falling far short of regaining its lost ground.

Trading recommendation: Buy 106.30 and take profit 106.74.

David Johnson
Analyst of «FreshForex» company
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