08 September 2021, USD/JPY
USDJPY trading plan:
Japan's economy grew an annualised clip of 1.9% in the second quarter, better than the initial estimate of a 1.3% gain, revised government data showed, confirming a gradual recovery from the COVID-induced slump. On a quarter-on-quarter basis GDP expanded 0.5% in the April-June quarter, also better than the initial reading of 0.3% and compared with a median forecast for a 0.4% rise. The stronger figure was in part due to an expected 2.0% rise in capital spending, a larger increase than a preliminary 1.7% gain, investors projected. This is positive news for the Japanese yen.
Investment idea: sell 110.60 and take profit 110.04.
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